GF: L-M Lease Agreement
Doug Barrett | Jul 18, 2017 AT 1:35 pm
L-M Wind Power is ready to ink a new three year deal that will keep the turbine blade maker in the Grand Forks industrial park – for now. The city council -meeting as the Jobs Development Authority - approved the lease terms last night (Mon). The company operates out of 124-thousand-800 feet of space at 15-50 South 48th Street.
L-M will pay the city a little over one-point-eight million dollars per year in rent. The lease grants the company a 90 day opt out provision should L-M move to a larger facility in Grand Forks. A staff report suggests the wind power industry is strong but the existing building is set up for blades that are smaller than current industry standards.