The Consortium, a part of the City of Minden’s economic development strategy, has obtained federal status as a 501c3 private nonprofit organization.
James Graham, Minden Economic Development Director, said the status now means the organization can receive monetary and property donations to “further its work in program and commercial real estate development.”
“The consortium is really a community development corporation, and it’s rare that a community development corporation gets a 501c3 status,” he said. “A lot of what the consortium does is training and education, and it qualifies for that status; it also does commercial real estate on behalf of the city.”
The consortium can now accept donated property, whether through an act of donation or if someone leaves property to the city. The consortium can also enter into contracts with the city to develop property, accept donations and conduct other economic development initiatives on behalf of the city while protecting Minden from legal liability.
Graham said this is important because not only can the consortium handle property but any monetary donations made would go towards education and training for small business development.
The consortium and the industrial development board work hand in hand to administer the city’s economic initiatives, Graham said. The consortium deals with the Tax Increment Financing, Small Business Financing and training and education. The IDB deals with the Payment in Lieu of Taxes for both property taxes and sales and use taxes. Each board, made up of private citizens, has five members.
“We have a system where you have the consortium, where you have the 501c3, and the industrial development board,” he said. “These two boards manage all the incentives associated with our economic development strategy.”
Economic Development also has a website that features all the property available in Minden as well as the city’s population, schools and other information pertinent to economic development.