Morning Read I: Laurentian deal “not dead”
It may be the most anticipated, most vaunted, most tantalizing economic development deal that the North Country has ever seen.
For years, the Laurentian Aerospace project — designed to bring a major aircraft refurbishment operation to Plattsburgh — has seemed just out of reach.
Last March, backers announced that they had finally, really, truly lined up all the necessary financing. Just a couple of final details to be worked out. Then the project appeared to stop dead in its tracks.
But according to the Plattsburgh Press-Republican, there is still a possibility that the start-up company will move forward again.
Chief Financial Officer Andrew Edwards said Laurentian officials continue to work with their partners to set a date for the final closing of the deal.
“Contrary to various comments made recently in the Plattsburgh community, the project is not dead,” he said.
According to the newspaper, the current economic turmoil shouldn’t affect the project’s financing; and backers suggest that rising fuel costs could actually make the idea of a domestic airline refurbishment operation more attractive.
Earlier in the summer, meanwhile, the Press-Republican reported on rumors that the company might shift the project to Florida.
“That is absolute nonsense. There is no basis to that whatsoever,” [Edwards] told the Press-Republican…
So what do you think? Are you still hoping to see this happen? Comments welcome below.
Tags: economy
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I don’t see how anyone could be opposed to Laurentian setting up shop in Plattsburgh. The jobs are badly needed and it would have a huge impact on the local economy. I suspect Laurentian thought the economy would be much stronger at this point in time. It was reported in the news that companies are sitting on billions of dollars because they are not sure where our economy is headed. Events in recent days complicate the problem even more. NY State doesn’t help the situation with their unfriendly business policies. You set up shop when the time is right and where you can make a profit.
Perhaps there’s more to it, but it’s hardly shocking that the progress of this deal lies at the feet of the bankers. Those bankers sitting on the billions (in some cases, trillions…read the Federal Reserve Audit for more details) of dollars WE gave them. I’m so tired of being reminded of how little of the money the tax payers provided the banks is actually being loaned to individuals and businesses.