ST. JOSEPH - St. Joseph has approved financing for a new Central Minnesota Credit Union office building.

City administrator Judy Weyrens says the council approved $125,300 in tax financing for up to five years to help fill a shortage in the project on Monday night.

The $4.2 million office building will be at 1140 Elm Street East and the project is expected to be done this year.

The building will increase city tax revenue. Taxes on the property are expected to go from about $9,000 to $64,000.

The one-story building will house a call center, information technology equipment and other administrative and support staff. The building is designed to hold up to 80 employees.

City documents say a total of 11 to 16 jobs will be retained in St. Joseph and 40 to 68 new full-time jobs will be added over five years.