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Digi-key TIF approved

The Thief River Falls City Council on Monday approved a tax increment plan for the anticipated Digi-key Electronics expansion, which will add 1 million square feet and about 1,000 jobs over 10 years.

The tax increment is estimated at $8.9 million with 10 percent of that value added on for administrative costs.

The TIF agreement will allow the company to use the increased property taxes that will result from property improvements toward the development cost of the expansion within the designated district.

The budget of the plan allows the funding to be used for land and building acquisition, site improvements and preparation, utilities and interest.

Kevin Killough

Kevin Killough is the business reporter for the Grand Forks Herald. You can reach him with story tips, comments and ideas at 701-780-1244.