Stewartville, Minn. (KTTC)--Stewartville's City Council approved cash rebate incentives for homeowners and business owners looking to build in the City.
"Housing is starting to go up and to add an extra spur to that growth we thought, 'this will be the time to add that incentive, to give us that edge or give us that little bit of edge over another community to bring them down here," said Chris Stafford, Stewartville's Economic Development Authority President.
Development in Stewartville has been relatively level over the past couple of years. The EDA is offering this incentive to create job opportunities and more housing options in the community.
The program will provide $5000 cash to property owners building a residential home and more than $7000 to those looking to build industrial or commercial buildings. The rebates will be paid once all property taxes, utilities and building codes are current and a certificate of occupancy is issued.
Stafford said the funding will come from Rochester's recently approved sales tax.
"This is just a bonus for anyone considering building this year," said Joel Raygor, a local Realtor. "It's just a great opportunity to anyone who's been on the fence. It's probably the hope of the City that this is going to get those people off the fence."
In order to qualify, the home, commercial or industrial building has to be worth at least $100,000 and built on a currently vacant lot. Further information and applications are available at Stewartville's City Hall.
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