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Recovery Zone Bond Program meeting to be held today

An informational meeting will be held at 3:30 p.m. today for people interested in participating in the federally sponsored Recovery Zone Bond Program, which has more than $30 million available in Grand Forks County.

An informational meeting will be held at 3:30 p.m. today for people interested in participating in the federally sponsored Recovery Zone Bond Program, which has more than $30 million available in Grand Forks County.

The meeting is in Conference Room B on the Sixth Floor of the Grand Forks County Office Building, 151 S. Fourth St., Grand Forks.

Grand Forks County has received an allocation of $12.96 million for the Recovery Zone Economic Development Bond program and a separate allocation of $19.44 million for the Recovery Zone Facility Bond program.

The program is intended to stimulate economic activity and support qualified economic development projects. The Grand Forks County Commission has designated the entire county as a recovery zone.

The economic development bonds are available to local governments for promoting development and other economic activity, including public infrastructure and construction of public facilities or job training and educational facilities.

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The facility bonds are available for low-cost financing of economic development projects such as large manufacturing plants, distribution centers, research parks, hotels, etc.

The programs will be administered according to U.S. Treasury and Internal Revenue Service guidelines and more specifically with guidelines adopted by Grand Forks County.

Applications may be submitted through Dec. 31.

In January, county officials will review applications and make recommendations to the County Board, said Debbie Nelson, county finance and tax director. If funds remain unallocated in the program, another application round will be scheduled in early 2010.

Statewide, North Dakota has been allocated $135 million in facility bonds and $90 million in economic development bonds.

The money is part of the $25 billion federal American Recovery and Reinvestment Act of 2009, for projects that are considered shovel-ready.

Reach Bonham at (701) 780-1110; (800) 477-6572, ext. 110; or send e-mail to kbonham@gfherald.com .

Related Topics: GRAND FORKS COUNTY
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