The Wahpeton Community Development Corporation (CDC) approved Tuesday in closed session, and again in open session, to authorize their executive committee to configure and secure a lease agreement for Building 10 between CDI and Wahpeton.
Negotiations continue with the two entities as a CDC Executive Committee meeting scheduled for Thursday was canceled.
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"The tenant is responsible for all utilities, insurance and taxes for all five years," Lies said.
CDI will pay no rent the first year, due to them picking up all the additional fees, he added. In the second year of the lease agreement CDI will pay $321,750.
Lies said rent continues to climb each year after that. Also worked into the agreement is an option to purchase Building 10.
"By [CDI] coming in and taking over a triple-net lease... the CDC comes out ahead," Lies said.
The taxes on the building total more than the quarterly payments of $10,000 the CDC receives from Imation as long as the space remains unoccupied.
ComDel's CEO Jim Albrecht said the company is in need of additional space for manufacturing opportunities available to them currently. ComDel occupies Building 1 on the industrial park site.
"I feel good about where we're at... I'm hopeful we'll have things worked out," he said.
In other business:
• The CDC approved to apply for an Otter Tail Power Company job creation grant of up to $50,000. If approved, the grant could be used for workforce recruitment, utility enhancements or job creation. Geri Coyne, Otter Tail operations manager, said the grant program may be discontinued next year, so the CDC should apply soon.
"At this time, it is not known if the economic development grant program will continue following the final decision on North Dakota electric rates for Otter Tail Power Company," Coyne said in an e-mail Tuesday. "As of now, it still exists."
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