Cirrus Lease Arrears In Grand Forks, ND Reported To Top $1.7 Million | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne Unlimited-
Wednesday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited--04.06.20

NEW! Airborne-Flight Training--04.08.20

Airborne Unlimited--04.10.20

Airborne-YouTube

Airborne Unlimited--04.06.20

NEW! Airborne-Flight Training--04.08.20

Airborne Unlimited--04.10.20

Wed, Jun 15, 2011

Cirrus Lease Arrears In Grand Forks, ND Reported To Top $1.7 Million

Amazon.com Will Sublease From Cirrus, City

As Cirrus Design continues to appear to struggle, and with the company's sale to Chinese firm CAIGA still pending, the city of Grand Forks, ND, says the GA manufacturer owes them more than $1.7 million in back rent.

Cirrus leases 160,000 square feet from Grand Forks, and as the economy faltered over the past three years and Cirrus laid off more and more employees, it turned to the city to assist with its lease payments. Grand Forks, which had a major investment in Cirrus, agreed to make over $84,000 per month in lease payments from the city's general fund. Now, Urban Development Director Greg Hoover tells the Plains Daily newspaper that Cirrus is in arrears to the tune of $1,791,107. In all, he said, there are four loans involved in an urban development project of which Cirrus was a part.

As Cirrus shrank and needed less of the space, it again turned to the city to assist in finding a company to sublease the vacated warehouse. It found Amazon.com, but the space will require renovation into offices before the online retailer can move in.

Meanwhile, Hoover said that Cirrus will pay the city what it owes, plus interest, when (and if) the U.S. government approves the sale to CAIGA. But, he said, as of now, there is no repayment plan in place.

FMI: www.cirrusaircraft.com, www.grandforksgov.com

Advertisement

More News

Aero-News: Quote of the Day (04.08.20)

"I am pleased that our space projects are continuing in these difficult times. This was an outstanding achievement by the team, my congratulations and appreciation go to all those >[...]

FAA Issues AD For A220 Engines

Comment Period Open Through May 15 The FAA has issued an Airworthiness Directive for all all Pratt & Whitney (PW) PW1519G, PW1521G, PW1521G-3, PW1521GA, PW1524G, PW1524G-3, PW1>[...]

Airborne 04.06.20: First FlightDesign F2, Stratolaunch Tests, Pipistrel

Also: ERAU Free Online Courses, Orion Passes Tests, Boeing Shuts Philly, A320 Production After rerouting from the cancelled Sun N’ Fun airshow, the very first F2-LSA has arri>[...]

AMA Drone Report 03.26.20: Remote ID RFI, UAV Dodgeball, UAS Reg Extended

Also: Mars Rover Takes Selfie, AMA Working Remotely, Drones Save Koalas, ANN's Infamous April 1st Edition The FAA has posted a Request for Information (RFI) seeking input from the >[...]

Airborne 04.01.20: April 1st Episode, Bloomberg-NASA, Sanders-BizAv, Space Force

Also: 737 MAX and CDC, ‘Steam Gauge’ Rating, OneAviation Bids For Cirrus, EAA Water Park Billionaire Michael Bloomberg has announced that he will start his own commerci>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2020 Web Development & Design by Pauli Systems, LC