Morning Read: Laurentian project delayed in Plattsburgh

The Plattsburgh Press-Republican is reporting that complicated financing agreements for the massive airliner maintenance facility has delayed the project yet again.

Construction of the big hangar was expected to begin last month but “unforeseen delays” slowed the process.

Laurentian Aerospace Senior Vice President and Chief Financial Officer Andrew Edwards told the newspaper:

[E]ngineers and contractors have now been asked to stop work due to the delay.

The $175 million hangar to provide maintenance, repair and overhaul service for wide-bodied aircraft is expected to create 200 to 300 jobs at startup and up to 900 within two years of operation, if the project is fully realized.

Construction was expected to start in April and take about 18 months.

Edwards declined to give details about why the agreements haven’t been finalized.  He predicts that the project will resume within three weeks.

Laurentian is perhaps the most significant economic development project in the eastern North Country.  Read the full article here.

Tags: economy