Development Toolbox

Lakeville strives to be competitive in attracting and retaining a diverse business economy. Lakeville’s Development Toolbox can assist certain types of eligible businesses with the tools they need to thrive in Lakeville.

Tax Increment Financing

The City of Lakeville is granted the power to utilize Tax Increment Financing (TIF) by the Minnesota Tax Increment Financing Act, as amended. The fundamental purpose of tax increment financing in the City of Lakeville is to encourage desirable development or redevelopment that would not otherwise occur but for the assistance provided through TIF. The City reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria, and demand on City services in relation to the potential benefits from the project. Meeting policy criteria does not guarantee the award of business assistance to the project.

Tax Abatement

The City of Lakeville is granted the power to utilize Tax Abatement by Minnesota Statutes 469.1812 through 469.1815, as amended. The fundamental purpose of tax abatement in Lakeville is to encourage desirable development or redevelopment that would not otherwise occur but for the assistance provided through the tax abatement. The City reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria, and demand on City services in relation to the potential benefits from the project.

Minnesota Job Creation Fund

The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. In some cases, companies may receive awards of up to $2 million. Visit the Minnesota Department of Employment and Economic Development’s website for more details on this program.

Minnesota Investment Fund

The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs on a statewide basis. The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide. Funds are awarded to local units of government who provide loans to assist expanding businesses. Cities, counties, townships and recognized Indian tribal governments are eligible for this fund. Visit the Minnesota Department of Employment and Economic Development’s website for more details on this program.

Open to Business Program

Open To Business provides free technical assistance to individuals interested in starting or expanding their business. The program also provides loans to start-up and small businesses and larger loans/packages to established businesses

The Open to Business Advisor is now hosting weekly virtual office hours on Mondays and Wednesdays from 1-3 p.m. and Fridays from 9:30 a.m.-noon. Appointments are available but not required. For more information, visit opentobusiness.org or contact Natalie Mouilso by using the information below.

Natalie Mouilso
Open to Business - Business Advisor
Dakota County
Metropolitan Consortium of Community Developers
3137 Chicago Avenue South, Minneapolis, MN 55407

Email Natalie Mouilso
Direct: 952-451-6390