FINANCIAL_SERVICESPENDING

City of Fergus Falls Committee of the Whole Agenda Packet May 2026

City Plans TIF Pay-As-You-Go Note For Northwoods Industrial

Pay-as-you-go TIF note up to $295,000 at 6% interest; total estimated tax increment collections $550,502City of Fergus FallsNORTHWOODS INDUSTRIAL SERVICES LLCMay 13, 2026

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Description

Fergus Falls plans to establish Economic Development TIF District 4-18 and issue a pay-as-you-go note up to $295,000 at 6% interest to Northwoods Industrial Services, LLC. In return, the developer will construct a 22,000-square-foot manufacturing facility and meet job creation and wage requirements under a business subsidy agreement.

Contract Details

Contract Amount

Pay-as-you-go TIF note up to $295,000 at 6% interest; total estimated tax increment collections $550,502

Vendor

NORTHWOODS INDUSTRIAL SERVICES LLC

Agency

City of Fergus Falls, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 13, 2026

Contract Term

First tax increment payment August 1, 2028; semi-annual payments through February 1, 2037 or until note satisfied; TIF district life 2028–2036

Renewal Date

2037-02-01

Renewal Info

TIF District 4-18 may remain in existence for eight years from receipt of first increment (projected 2028–2036); the development agreement expires upon full payment of the note, required decertification of the TIF district, or uncured default.

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