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."
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