Mar 3, 2021
Minot’s MAGIC Fund listed more than $10 million in assets at the end of 2020, although that includes some restricted funds and an outstanding loan that the city is in court to try to collect.
The Minot City Council received the report of the MAGIC Fund Screening Committee at its meeting Monday.
The $10 million in assets includes $750,000 committed to Souris Basin Planning Council for a business revolving loan fund and $24,341 remaining from $300,000 set aside for development of a communitywide branding strategy. It also included a $1 million overdue loan repayment from parking ramps developer Cypress Development.
The city terminated its agreement with Cypress in March 2018 after finding the developer in default on about $3.53 million, which included $1.75 million in loans, plus interest.