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. A representative from Open to Business will have regular office hours at Lakeville City Hall on the fourth Tuesday of each month from 1 to 3 p.m. Walk-ins are welcome during these hours, or to schedule an appointment at another time, contact Laurie Crow at (952) 484-3107 or lcrow@mccdmn.org.