The MAGIC Fund Screening Committee unanimously approved $4.3 million for expansion at the Port of North Dakota when it met Friday morning.
The full city council will consider the funding request at its next meeting on July 7.
The money would be used for site work and associated costs in the development of about 120 acres of land in Minot's Value-Added Agricultural Complex-Port of North Dakota.
Stephanie Hoffart, interim president for the Minot Area Development Corp., said the funding would be used for phase one of the project.
Hoffart said MADC will reimburse the MAGIC Fund from the proceeds of sales of the land that MADC owns at the site.
Alan Walter, of Ackerman Estvold Engineering, told the committee that the land has been selling for $25,000 per acre.
Hoffart said poor weather has held up work on the project, but grading is currently being done and one of the businesses, Minot Milling, should be able to move in by October of this year.
Other businesses that will be located in the Minot Ag Complex include United Pulse Trading and Dakota Builders. MADC still owns two parcels of land at the site that have yet to be sold.
Walter said the Minot MAGIC Fund already contributed $3.5 million toward rail expansion for the Minot Ag Complex. This would bring the total contributions to about $7.5 million. The total cost of the project is $10.4 million.
Plans for the intermodal facility call for increasing the port's capacity to handle more business and larger trains. Walter said the project has attracted interest from across the country.
"Once this thing gets going, it will put Minot on the map in a big way," said Walter. He said it is a big project not only for the region but also for the country.