Thu, Sep 29, 2011
Growth Fund Committee Debating What Action To Take
The good news is, Cirrus paid the back rent on its plant in the
Grand Forks Industrial Park following its sale to CAIGA last
summer. The bad news is, the company has again fallen behind in its
lease payments.
The Grand Forks, ND, Growth Fund Committee met recently to
discuss options for Cirrus, which according to the Grand Forks
Herald is some $221,000 in lease and loan payments. City Urban
Development Director Greg Hoover said there had been a decision on
how to instruct the city staff to move forward, but would not
reveal specifics of those instructions.
Cirrus' Vice President for Business Administration Bill King had
asked the city to restructure its lease about the time Brent
Wouters left the company under quite a cloud while Dale
Klapmeier became the CEO. Hoover said the city was operating under
the premise that the sale to the Chinese company meant that the
lease re-structuring was no longer necessary, and at the present
time, the city has no interest in doing so. "Our expectation is to
get this resolved as soon as possible," Hoover told the paper.
"Nobody has any interest in dragging this out."
At the time of the sale in June, Cirrus and CAIGA had paid Grand
Forks $3.2 million it owed on its lease and outstanding loans. The
company is down to about 80 workers, and has sublet a
now-unused portion of its facility to Amazon.com in an attempt
to lower its lease payments. The space became available as
production slumped and workers were let go.
The city is concerned that the new ownership and management have
not resolved the problem. Hoover told the paper "It's fair to say
that our expectation was with the merger that they would have been
able to make their lease payments."
More News
Light Gun A handheld directional light signaling device which emits a brilliant narrow beam of white, green, or red light as selected by the tower controller. The color and type of>[...]
"The journey to this achievement started nearly a decade ago when a freshly commissioned Gentry, driven by a fascination with new technologies and a desire to contribute significan>[...]
Aero Linx: JAARS, Inc. For decades now, we’ve landed planes on narrow rivers and towering mountains. We’ve outfitted boats and vehicles to reach villages that rarely se>[...]
"Our driven and innovative team of military and civilian Airmen delivers combat power daily, ensuring our nation is ready today and tomorrow." Source: General Duke Richardson, AFMC>[...]
Aircraft Conflict Predicted conflict, within EDST of two aircraft, or between aircraft and airspace. A Red alert is used for conflicts when the predicted minimum separation is 5 na>[...]