The first tenant of Provo's aerospace park will soon be moving to town now that a lease has been signed between the city and the company.
The City Council authorized Mayor Joe Jenkins at its Tuesday meeting to enter into the lease agreement with National Utilities Corp., an aircraft manufacturing company.The lease makes all the talk about the company and the aerospace park official, and a groundbreaking ceremony for the 43-year-old company can now be scheduled.
National Utilities Corp., NUCO, is moving to Provo from Monrovia, Calif. The company is owned by Seven Peaks Resort owner Victor Borcherds.
"They are doing some earth moving down there, and we would like to give our approval on the lease," Jenkins told the council.
The company plans to open business by the end of July in a 50,000-square-foot facility with the option of adding another 38,000 square feet of space.
Provo City will lease the land to companies on a long-term basis with lease payments going directly to the airport.