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CITY, N.D. (NewsDakota.com) – Renaissance Zone encourages developers to make investments and build on property that is idle in the city of Valley City.

City Administrator David Schelkoph says the Renaissance Zone is not a property tax reduction it’s an incentive for developers. He cited the construction of Town Homes near the Country Club and Pinnacle Condominiums on 2nd Street Northwest as examples of the positive impact the Renaissance Zone has had on this community.

In the following sound piece City Administrator David Schelkoph speaks about the incentive of the Renaissance Zone followed by Renaissance Zone Chairman Jim Knutson and Valley City mayor Dave Carlsrud.

Renaissance Zone Committee Chairman Jim Knutson told the city commission that if the incentive wasn’t there several properties may have gone undeveloped. Knutson advocated the city commission to approve a five year property tax exemption for a 43 multi-family housing complex to be built at 1017 East Main by Legacy Developments and Valley Bluffs LLC.

The Valley City Commission approved of the Renaissance Zone application for the project during their regular meeting on February 21.