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Fufeng: Letter of Credit

By Doug Barrett Jun 14, 2022 | 9:18 AM

The Grand Forks council gave an early nod of support to a Letter of Credit with the Fufeng corn milling plant. The $5 million dollar agreement is designed to protect the city from investment costs should Fufeng pull out of the deal.

City Attorney Dan Gaustad says the city has already invested some $1.6 million dollars for paid consultants. He says those are the types of costs that be billed should the project fall apart.

The council endorsed the Letter of Credit on a 5-1 vote during last night’s (Monday) Committee of the Whole meeting. Final approval is expected next week.

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