Sat, Mar 16, 2013
Committee Chair Apologizes For Questioning Company's Finances
With all the bally-hoo about the wonderful resources that were supposed to be provided by Chinese government-owned CAIGA's purchase of Cirrus Aircraft, we're somewhat mystified to note that the City of Grand Forks has apparently agreed to loan Cirrus nearly a million dollars. The Grand Forks Growth Fund Committee has made a $950,000 load to Cirrus Aircraft and, the committee's chair has apologized (the reasons or circumstances for such not being fully explained at this writing) to Cirrus' Bill King for questioning the company's ability to repay the loan at a previous meeting -- despite the company's history of financial difficulties and questionable business practices.
On March 5, committee chair Doug Christensen said that he had concerns about Cirrus' ability to pay its rent and the debt owed to the city of Grand Forks, ND, as well repay a new loan. The Grand Forks Herald reports that Christensen said King did not make a strong business case to warrant the city's continued investment in the company. He asked King to come back with a stronger argument for getting the loan.
King countered the questions by stating that Christensen was attacking his company's integrity (which has had its share of questioners over the past few years), and said the committee had made confidential financial information public.
But when the panel re-convened this past Monday, Christensen apologized for his tone at the previous meeting, calling Cirrus a "valuable member of our corporate community." He said he was 'confident' that Cirrus will be able to make good on its commitments to the city.
Cirrus is allegedly seeking the loan as part of a $1.5 million plan to upgrade and expand its manufacturing facility, which the company says will allow it to do work that is currently outsourced. Christensen said that Cirrus had provided the information that was needed to justify the loan. He called the previous application "incomplete."
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