CITY OF WASECA ECONOMIC DEVELOPMENT PROGRAMS
The City of Waseca and other community and regional entities offer a variety of financing programs to qualifying businesses to assist them with their development needs. The majority of the programs are designed to provide assistance to industrial development activities, however, there are exceptions. The following are examples of some of the assistance that may be available to assist with the expansion or development of industrial facilities:
1. Waseca Programs
For information on the Waseca programs listed below please contact:
City of Waseca
Phone: 507-835-9741 Fax: 507-835-8871
Note: Not all of the programs may be used in conjunction with one another.
a. Job Opportunity Building Zone (JOBZ)
This program allows up to 12 years of property tax exemptions on all new improvements, corporate state income tax, sales and use taxes and tax credits for qualifying businesses.
b. Waseca Revolving Loan Fund (RLF)
The City of Waseca offers loans for business expansion projects and the rehabilitation of certain downtown businesses through the Waseca Revolving Loan Fund. Loans are available with reduced interest rates on a matching funds basis. The loans are normally subordinated. Other requirements include assistance can not exceed $3,000 for each FTE (full time equivalent) created. The interest rate and loan terms are negotiable within a general range.
c. Tax Increment Financing (TIF)
Tax increment financing programs are available for those businesses where the expansion of the physical plant will result in a significant increase in real estate taxes. The program is tightly regulated by the State.
d. Tax Abatement (Abatement)
Tax abatements of certain portions of the real estate taxes paid following the physical expansion of properties generating real estate taxes. Each taxing jurisdiction must abate their own portion of the taxes generated on their behalf.
2. Regional
a. Region 9 Revolving Loan Fund
The Regional Development Commission for this area operates a
revolving loan program specializing in assisting certain types of
development projects. For further information, please contact:
Region 9 Development Commission
410 South 5th Street
Mankato, MN 56001
507-387-5643
b. Southern Minnesota Initiative Foundation (SMIF)
Executive Director
Southeastern Minnesota Initiative Fund
P.O. Box 570
Owatonna, MN 55060
507-455-3213.
3. State Programs
a. State of Minnesota
The State of Minnesota offers assistance through the state Department
of Employment and Economic Development (DEED). These dollars are
matching funds. Generally, the business loan program provides a grant
to governmental units that are then loaned to a private business
enterprise. Application is made through an individual city or county.
For further information, contact the City of Waseca or Waseca County
or DEED directly at:
Department of Employment & Economic Development
121 East 7th Place
500 Metro Square
St. Paul, MN 55101-1421
612-297-1844
Waseca Economic Development Authority
Larry Thompson, Chair
835-4220
LarryT@Roundbank.com
Bob Mickelson, Vice Chair
507-331-1500
rmlm@hickorytech.net
Marty Armstrong, Treasurer
835-2740
City of Waseca
City/MSA Population
9827/19,517
Population figures are for the city/county as Waseca is not included in any MSA.
Unemployment Percentage 5.80%
This figure is the latest data available
Major Area Industry:
Printing, Manufacturing (Electronic Components)
Largest Employers:
Brown Printing – 1000
Itron, Inc. – 450
Waseca Public Schools – 450
Federal Correctional Institution – 220
Waseca Area Medical Center – 180
Emerson Network Power Connectivity Solutions – 150
Median Wage:
$49,108 Household income
Average Education Level:
High School Graduate/Some College
Post Secondary Schools:
Minnesota State University – Mankato: 28 miles; Minnesota State College – Southeast Technical – 28 miles;
Riverland Community College – Owatonna: 18 miles; Bethany Lutheran College – Mankato: 28 miles
Distance to Commercial Airport:
58 miles
Rochester, MN
Facilities Available:
South Industrial Park: 5 Lots available with all utilities in place
Tax:
Corporate Tax Rate: 9.80%
Personal Tax Rate: State income tax rates apply
Sales Tax: 6.5% State Sales tax only; No local sales tax
Use Tax: Use tax is included in state sales tax rate; No local tax
Inventory Tax Rate: No inventory tax
Incentives:
Tax Increment Financing; Tax Abatement
Waseca Dev. Corp., City and County operate business loan programs that can be leveraged within the same package.
City Business Resources Ctr. packages business info., financing, technological, employment and regulatory resources.
One-stop shopping is available for site location, permits and financial incentives.
Vacant property occupation and exterior renovation incentives are also offered.