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-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited--03.30.20

Airborne UnManned--
03.31.20

ANN's Annual April 1st Edition!

Airborne Unlimited--03.26.20

Airborne Unlimited--03.27.20

Airborne-YouTube

Airborne Unlimited--03.30.20

Airborne UnManned--
03.31.20

ANN's Annual April 1st Edition!

Airborne Unlimited--03.26.20

Airborne Unlimited--03.27.20

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

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>[...]

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>[...]

U.S. DOT Announces Aviation Database NPRM

Would Provide Quicker Access To Pilot-Safety Information The FAA has published in the Federal Register a notice of proposed rulemaking to establish a new database that will provide>[...]

FAA To Award Grants To Commercial And GA Airports

Some $10 Billion In Funding Included In CARES Act The FAA will award approximately $10 billion in funds to commercial and general aviation airports from the Trump Administration&rs>[...]

Senators Demand Airlines Provide Full Cash Refunds For Coronavirus Cancellations

Senators Markey, Blumenthal, Warren Say Travel Vouchers Are Insufficient Senators Edward J. Markey (D-MA), Richard Blumenthal (D-CT), and Elizabeth Warren (D-MA) today led a group >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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