Qualifying Moorhead businesses will continue to receive a tax credit for a portion of the workers compensation they pay employees next year.
The Moorhead City Council Monday approved continuing the program at its current level for 2003.
That means businesses will receive back, as a state income tax credit, 20 percent of the amount they spend on workers compensation.
Business development specialist Beth Grosen expects the city's businesses to receive about $550,000 from the state-funded incentive in 2003.
About 170 businesses take part in the 20-year-old program, she said.
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The incentive, exclusive to border cities, is intended to give Minnesota businesses workers compensation costs similar to those of their counterparts in neighboring states.
In other business, the council:
- Refinanced $4.7 million worth of tax-increment financing bonds originally issued to help pay for a downtown hotel/conference center.
The city now has a 3.015 percent interest rate on the bonds, which will be paid off 10 years earlier than planned.
- Granted a conditional use permit to Noel and Thomas Moore to allow the house at 515 8th St. S. to be converted into an insurance business.
- Gave Chris and Josh West a conditional use permit allowing an apartment to be built in a commercial building at 3333 9th St. S.
Readers can reach Forum reporter Joy Anderson at (701) 241-5556
