Chanute commissioners approved a resolution Monday evening that clears a deal for Orizon Aerostructures’ expansion.
The item was a late addition to the agenda and consents to a subordination agreement on construction of Orizon’s third building. It will serve as collateral for Crossland Construction on a second mortgage to fund the project.
Orizon Chief Financial Officer Mark Deuel told commissioners that the building is 50 to 55 percent through construction and by the end of 2020, Orizon will have a $36 million investment in the location on 21st Street. The building will house $15 million in automated riveting equipment that can service either Boeing or Airbus products.
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