Costs & Financing
Business costs
- Property Tax rates: (2005 figures)
- Total mill rate: 148.24%
- County: 64.17%
- City: 73.46%
- School District: 9.82%
- Misc.: 0.79%
Note: homestead and Taconite Tax Relief are available on personal homes.
- Utilities
- Water, commercial/residential: $1.75 per 100 cubic ft.
- Sewer, commercial: $2.89 per 100 cubic ft. of water used.
- Electricity, sliding rates: Residential: $9.84 first 100 kilowatts; $.06 next 900 kw.
- Garbage: Private residential and industrial
- Gas: Private propane companies
- Outside City Limits: Electric coop./private wells/private septic
- Heating methods:
- Electricity
- Propane Gas
- Fuel oil
- Wood/wood chips
- Telecommunications - see the Communications page
Financing
- Conventional financing
- Additional financing
- Venture Capital - a number of groups exist in Minnesota, two of which have investments in our immediate area. Venture capital information available upon request.
- Low cost financial packages are available for Ely and the Iron Range of northeastern Minnesota to assist new and existing businesses through the following entities:
- Iron Range Resources: administers a special fund, originally created through taconite mining taxes, established to assist the Iron Range in recovering economically from the depletion of taconite/iron ore and the eventual closing of taconite mines on the Range.
- Minnesota Power (a private utility company)
- Northeast Entrepreneur Fund - a nonprofit organization that helps start, stabilize, or expand small businesses in the northeast Minnesota region. Services include individual consulting, classroom training, financing, and networking opportunities.
- Minnesota Department of Employment & Economic Development.