FARGO – Fargo’s renaissance zone has been extended for five years, according to the city.
The state approved the zone in 1999 and, by state law, it expired within 15 years.
Extensions are allowed in five-year increments.
Since 1999, the renaissance zone tax exemptions have played a role in the renovation of 67 buildings and construction of eight, the city said.
The projects have increased the value of properties by $125 million and resulted in an increase in property tax revenue of $2 million.