If the Committee on Foreign Investment takes a closer look at the proposed Fufeng project in Grand Forks local leaders expect a quick turnaround on the findings. City Attorney Dan Gaustad says he’s been told CFIUS usually responds within 30 to 45 days.
U.S. Senators John Hoeven and Keven Cramer have asked for a full review of the land purchase due to the company’s ties with China. Governor Doug Burgum has also called for a federal analysis of the corn milling project. Opponents have raised fears of espionage due to its close proximity to the Grand Forks Air Force Base.
Senator Cramer says the action only supports those initiated by the City of Grand Forks. “The 1st entity to request a CFIUS review of this is the City of Grand Forks. The leadership in Grand Forks requested the Committee on Foreign Investment in the U.S. take a look at the investment. Even though ag investments are largely exempt from CFIUS.”
When asked this week if the city should pause work on the project pending the federal review Gaustad says not from a financial standpoint. “The Letter of Credit is in place. We have drafted it in the manner if there is a default / termination where a condition is not satisfied that’s what the letter is intended to do.”
Cramer says the CFIUS findings won’t be a clear yes or no decision – but will provide a risk assessment that will allow local leaders to make an intelligent decision.
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