Recently, the Minnesota Governor and Legislature passed laws helping Digi-Key offset higher costs to build and operate our new one million square foot facility in Thief River Falls.
Recently, the Minnesota Governor and Legislature passed laws helping Digi-Key offset higher costs to build and operate our new one million square foot facility in Thief River Falls. None of the incentives we will receive from this legislation impacts the current Minnesota tax base or taxpayers. In return, Minnesota state and local governments will receive approximately $184 million in new annual revenues as a result of our decision to build in Thief River Falls. Our new operation will add almost $500 million in annual economic output and when combined with our existing operations, the total impact annually will be $2 billion. Most importantly, Digi-Key will create 1,000+ new Thief River Falls-based jobs over the next 10 years which will be a big win for Digi-Key and for the local and state economies!
We want to take this opportunity to publicly thank District One Representatives Fabian and Kiel, Senator Johnson, Thief River Falls Mayor Holmer, Pennington County Chair Hempel, Thief River Falls City Council Members, Pennington County Commission Members, City employees, County employees, and many other officials at the local and state levels for their tireless support of our expansion efforts. It took tremendous effort, coordination and teamwork to help us work through the complex challenges to make this expansion project a reality for Thief River Falls. We are both grateful and proud of this accomplishment, as it is a terrific example of effective public and private sector collaboration. The local and state incentives provided to us were key factors in our decision to invest here.
We also want to thank the citizens and leaders of Crookston and communities across our region for the tremendous support we’ve received during this process, as well as all Digi-Key employees for helping make this expansion possible. Each Digi-Key employee has created our company's success story. As we continue to write our future chapters, our employees will continue to make the difference as their commitment to relentless customer service and teamwork is what continues to fuel Digi-Key’s growth.
Again, thank you to all who had a hand in making this expansion in Thief River Falls a reality. This is a great win for our company, the surrounding communities and the state!
President and COO