Information for Prospective Developers
The City of Lake Crystal is eager to work with prospective Developers in bringing new projects to the City. Not sure how to start? It's easy. Simply contact Economic Development Specialist, Bryan Stading for more information, or check out some of the tools the City of Lake Crystal has at it's disposal to help facilitate development within the City:

Tax Increment Financing (TIF)
TIF is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community improvement projects. Simply put, TIF uses future gains in property taxes to subsidize current improvements, which are projected to create the conditions for said gains. The completion of a public or private project often results in an increase in the value of surrounding real estate, which generates additional tax revenue. That additional revenue is then used to help offset the costs of a project in order to get it built or completed.

Tax Abatement
Tax abatement is the reduction of or the exemption from taxes granted by a City for a specified period of time, usually to encourage certain activities such as development or redevelopment. This encourages Developers to build since the City exempts taxes normally assigned to the project for a period of time, thus reducing the Developer's overall cost. 

EDA Loan Programs
Usually through City programs, potential Developers may apply for low interest or forgivable loans to make improvements on properties. 

HCPD Business Assistance
Heartland Consumers Power District (HCPD) has some EDA loans/grants available for businesses in Lake Crystal. Please check their website at www.www.hcpd.com.com to see if you qualify. 

The City of Lake Crystal would love to work with prospective Developers on bringing new and exciting projects to our community. If you would like to learn more about how the City of Lake Crystal can help you build your project, contact Angela Grafstrom at cityadmin@lakecrystalmn.org or by phone 507-726-2538.