Red River Valley Collaboration To Tackle Regional Economic Needs Including Job Creation
Regional leaders will come together on August 21 to begin to develop a strategic plan that will create jobs, build on the region's social infrastructure, and tackle the economic needs of the Red River Valley.
The idea was initiated by Bill Marcil Sr., Forum Communications, who has committed $100,000 and has promised to raise additional funds to support an economic development study evaluating strengths and challenges along the Red River Valley from Fargo up through Grand Forks.
The goal is to find ways that the research universities, the economic development organizations and other key groups can work together to address regional issues and build on strengths in order to compete in the global economy.
The group plans to have benchmarks and measurements to ensure accountability.
Marcil said this effort is not intended to compete with Governor Dalrymple's 2020 & Beyond Plan; rather, the two should compliment one another.
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Business Development Activity Steady First and Second Quarters
The GFMEDC engaged 19 new business prospects first and second quarter 2012. The GFMEDC provides customized information to help sell the region to new business prospects, hosts site visits and coordinates meetings with key contacts.
The companies represented a variety of sectors including biotech/life sciences, manufacturing, distribution and IT.
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The Growth Initiative Fund Approved PACE Loan First and Second Quarters
The Growth Initiative Fund approved the following PACE loan during first and second Quarter 2012:
Amity Technology, LLC in Fargo, N.D. announced a $2.4 million expansion project. The company plans to build a new manufacturing facility and purchase equipment. Amity will create 29 jobs over the next three years.
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Sanford Ranked #1 in North Dakota and ranked high nationally in an annual report by U.S. News & World Report
Fargo's Sanford Medical Center was ranked #1 in North Dakota and was ranked as high performing in seven categories including: cancer; ear, nose and throat; pulmonology and geriatrics.
U.S. News evaluated nearly 5,000 hospitals. 148 of those hospitals ranked in at least one of the 16 specialties.
This year's report is the 23rd Annual Edition of Best Hospital Rankings.
http://health.usnews.com/best-hospitals/rankings |
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Opportunity to Invest - Angel Fund II
In 2007, the North Dakota legislature passed an angel fund investment tax credit whereby a taxpayer is entitled to a credit against state income tax liability for an investment made in an angel fund that is incorporated in the State of North Dakota. The amount of the credit to which a taxpayer is entitled is 45% of the amount invested by the taxpayer in an angel fund during the year. The aggregate annual credit is not more than $45,000.
In response to this legislation, several angel funds were created throughout North Dakota. Specifically, a group of local private investors pooled their funds to create a $1,700,000 angel investment fund called the Fargo Moorhead Angel Investment Fund. The purpose of the fund is to invest in early to mid-stage start-up companies. These companies are usually pre-revenue, risky ventures and are not able to obtain capital elsewhere. As a result, the risk to the investors is offset by the 45% state tax credit.
Over the last several years, the Fargo Moorhead Angel Investment Fund invested approximately $1.4 million in 13 companies, many of which are North Dakota companies, and is nearly finished investing the remaining dollars. As a result, a new fund, Agassiz Investment Fund, is in the process of being created. The goal of the fund is to raise $1,500,000 with a minimum membership in the fund of $50,000. The fund was opened to current investors in the Fargo Moorhead Angel Investment Fund for a period of time and is now being opened to outside investors. Only accredited investors are allowed to invest in the fund.
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GFMEDC Hires John Machacek as Research and Business Information Manager
The GFMEDC recently hired John Machacek as Research and Business Information Manager.
Prior to accepting his position, Machacek was VP of Finance and Operations at United Way of Cass Clay in Fargo.
Machacek serves on the Fargo Theatre board and has also served on the ND Economic Development Foundation Board as well as the Ronald McDonald House Board.
Machacek is married with two children. |
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In the News...
Fargo Makes Forbe's List of "Best Places to Retire" William Barrett considers several factors including average price of a home, cost of living and tax burdens on retirees.
Fargo Makes the list of Best American Cities to Buy a House The Newsweek/Daily Beast determined the locations that offer reasonably priced homes in economically viable communities |
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Do you have news to share?
If you have news items you would like included in an upcoming newsletter, please send the ideas or articles to lgnelson@gfmedc.com. Thank you! |
