. Cirrus Design
Corporation, which moved its world headquarters to Duluth, received F.A.A.
certification for manufacture of its SR-20 aircraft, is in the production mode
and is planning on increasing its employee to 400 from the current 145.
The current facility can handle production of about 350 aircraft a year and a
further expansion to increase production to the long term goal of 600 aircraft
annually is in the beginning stages of discussion.
sorry…here’s the source…
USA: Duluth School District, Minn., rated Baa1 - Moody’s.
02/10/2000
Reuters English News Service
(C) Reuters Limited 2000.
(Full text of press release provided by Moody’s Investors Service Inc.)
here’s the context…
don’t know if the 300 number was Duluth and Grand Forks or just Duluth…
either way first I’ve heard of expansion to 600…
LOCAL ECONOMIC STABILISATION AND DIVERSIFICATION; TREND OF TAX BASE GROWTH
The district primarily serves the City of Duluth (rated A1) which has
experienced a sustained trend of tax base growth after a decade of erosion.
Moody’s expects this steady growth to continue. The city’s successful use of
TIF financing has attracted new manufacturing and industry which serve to
diversify the economy and broaden the labour force. The Northwest Airlines
Aircraft Maintenance Facility which opened in 1996 and employs 350, is expected
to result in spin-off development of another 500 jobs. Cirrus Design
Corporation, which moved its world headquarters to Duluth, received F.A.A.
certification for manufacture of its SR-20 aircraft, is in the production mode
and is planning on increasing its employee base to 400 from the current 145.
The current facility can handle production of about 350 aircraft a year and a
further expansion to increase production to the long term goal of 600 aircraft
annually is in the beginning stages of discussion. Duluth continues to serve as
a regional healthcare and retail centre bolstered by the presence of a state
university campus. While the labour force has shown consistent growth over the
decade, unemployment levels continue to exceed the state’s. The trend of
population decline since 1960 has moderated.
MANAGEABLE DEBT POSITION; LIMITED BORROWING NEEDS
While debt burden at 6.0% is in the high moderate range, the district’s
direct debt level of 1.4% is easily manageable with debt service claiming less
than 5% of the operating budget. The majority, 76%, of the burden is
attributable to the issuance of underlying units, primarily the City of Duluth
which has issued heavily for economic development and diversification. The