Packet Digital plans to acquire new location, add jobs
Packet Digital has been working with the EDC to acquire a location which will be used to launch a new project to design, build, assemble, and ship drone and space vehicle battery management systems and power management solutions for Lockheed Martin and the Air Force Research Lab’s Space Mission Group.
The company received a 5-year, 100% exemption approved by the City of Fargo. The exemption will support improvements to their new location at 3241 University Dr. S. The savings will allow the company to reinvest about $52,000 in property tax savings ($10,500/yr) back into the company as they scale up production and hire new highly-skilled engineering talent and production equipment.
Packet Digital’s presence in our market cannot be understated as the growth of a high-tech company helps fill a number of technological gaps in our growing eco-system for UAS, defense, energy, etc.
The EDC continues to work with Packet Digital as they hire new professional and technical talent with workforce support and incentives as well as access to low interest financing through the EDC-managed Growth Initiative Fund.
Packet Digital’s rapid growth trajectory is indicative of future expansion opportunities and the EDC looks forward to working with Packet to ensure that growth happens here.
“The support of the EDC has been critical in helping us navigate the process to request a tax exemption and continue to be a tremendous help as we work to recruit talent,” Terri Zimmerman, CEO of Packet Digital, “Receiving this tax exemption allows us to accelerate our resource investment, including new hires, which is vital to continual company growth in our fast-paced technical market.”
Tecton Products plans $16 Million expansion, adds jobs
Tecton Products received a 10-year tax break, approved by the City of Fargo and Cass County for a $16 million addition adding another 80 jobs to the city.
The Payment in Lieu of Taxes (PILOT) project will be located at Tecton Product’s plant at 4401 15th Ave. N. with operations in the expansion expected to start in September 2022.
Tecton Products employs 236 people who produce the fiberglass parts around Marvin Windows and Doors products. The company plans to add 16 people in the first year of the addition, most of them earning $15 to $20 an hour. By the fifth year of operation, the company estimates 320 employees.
The EDC will work with Tecton Products to access programs like ND New Jobs for their new hires and will continue to support their workforce development needs once they start ramping up hiring for this expansion.
“The GFMEDC has been a valuable partner as we look to expand our operational footprint. Their expertise made us aware of opportunities we may not have previously considered and has allowed us to move faster and more efficiently,” said Tom Gohdes, Sr. Director of Operations, Tecton Products.