The Minot City Economic Development Plan Review Committee convened on February 7, 2025, to discuss the management and allocation of funds from the city's sales tax dedicated to economic development. A significant focus of the meeting was the "Magic Fund," which is designed to support primary sector businesses in the community.

City officials noted that a portion of the sales tax revenue is allocated to the Magic Fund, which has historically been used to bolster primary sector industries, such as manufacturing. However, concerns were raised about the growing balance in the fund, suggesting that there may be alternative uses for these economic development resources that could benefit the community more broadly.

The committee reviewed the guidelines for the Magic Fund, emphasizing the need for adaptation and restructuring to ensure that funds are utilized effectively. The discussion highlighted a three-tiered approach to managing the primary sector funding, which includes a contract with the Minot Area Chamber Economic Development Corporation (MACEDC). This partnership allows MACEDC to handle the initial processing of applications for funding, focusing solely on the primary sector.

Officials clarified that while MACEDC plays a crucial role in recruiting and supporting primary sector businesses, they do not manage requests related to other categories of economic development funding. This delineation aims to streamline the process and ensure that resources are directed where they are most needed.

The meeting underscored the importance of strategic planning in economic development, as city leaders seek to balance the growth of the Magic Fund with the immediate needs of the community. The committee's discussions will inform future decisions on how to best allocate these funds to foster economic growth in Minot.