N.D. Cent. Code § 57-02.2-01
The legislative assembly hereby declares and finds that the present method of assessment and taxation of real property discourages the investment of private capital in the rehabilitation and remodeling of commercial and residential buildings and structures with the result that such properties have been allowed by their owners to decay, become in need of repair, modernization, and replacement, and that such conditions have resulted in a decreased tax base. The legislative assembly further finds that it is in the public interest and for the welfare of the state of North Dakota, its political subdivisions, and its citizens to encourage the investment of private capital in improvements to commercial and residential buildings and structures, thereby encouraging the production of wealth, improving the volume of employment, enhancing living conditions, and preserving and increasing the property tax base. It is the intent of the legislative assembly that the exemptions from taxation provided for in this chapter provide an alternative to the property tax exemptions provided for in chapters 40-57 and 40-57.1.
N.D.C.C. § 57-02.2-01