The Thief River Falls City Council tomorrow night will consider three separate agenda items as they attempt to secure a huge expansion at DigiKey in Thief River Falls.
On the agenda, a third closed session for the Council – to consider on-going negotiations to sell the Municipal Services Building – on Barzen Avenue in the Gilbert Industrial Park - to Digi-Key, to allow relocation of employee parking ahead of the construction project. On the city books the building has a depreciated value of 5 hundred thousand, the County Assessor’s Office has placed the insured value at more than 4 million. City Officials have not yet released the results of an independent commercial appraisal of the property.
Also tomorrow night, a public hearing on up to 8 million in Tax Increment Financing for the expansion, which is expected to add a thousand jobs over the next 10 years – with a resolution to approve modification to TIF Distrcit #1 later in the evening and authorization to allow an Interfund Loan to advance some of the TIF District Costs ahead of the project.
Meanwhile, Thief River Falls Mayor Brian Holmer is expected to head back to the State Capitol in St. Paul Wednesday, as state incentives on the DigiKey Expansion begin to move through House and Senate Conference Committees.