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Published January 13, 2014, 08:59 PM

Grand Forks City leaders discus Alerus Center's debt

Finance development committee discussed Alerus's debt. The Alerus Center is making efforts to pay back a large debt owed to the City.

Finance development committee discussed Alerus's debt. The Alerus Center is making efforts to pay back a large debt owed to the City.

Over the years the company has borrowed an excess of $1 million from the city's economic development fund. At the meeting, Alerus officials presented a repayment plan to pay back the money owed while also setting up a reserve which would prevent the company from having to borrow from the city in the future.

Bret Weber, City Council Member said, "I think it's a demonstration of the success that they've been enjoying, the wisdom of the city to have invested in them in the past and I think this is a win-win for the Alerus Center and for the city."

Bret Weber says the Alerus could pay the debt back sooner than expected.

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