Press-Republican

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May 7, 2014

Laurentian Aerospace continues administrative efforts

PLATTSBURGH — Little input was offered at a public hearing on re-authorization of tax-exempt bonds for Laurentian Aerospace Corp.

This was the fifth public hearing held by the County of Clinton Industrial Development Agency as part of the process to allow the IDA to serve as the conduit for the sale of up to $200 million in tax-exempt bonds for the roughly $225 million project.

The company has proposed construction of a 278,000-square-foot, two-bay hangar for maintenance, repair and overhaul of wide-body aircraft on the flight line at Plattsburgh International Airport.

TOWN SUPPORT

Plattsburgh Town Supervisor Bernie Bassett, one of five people in attendance, reiterated the town’s support of the project.

It remains easy to see the huge potential economic impact it would have on the regional economy, he said.

“I would like to make note we have embraced the project from the original announcements.”

NECESSARY STEP

Laurentian Aerospace Senior Vice President and Chief Financial Officer Andrew Edwards said the hearing doesn’t mean they have set a date to make the bond offering.

“We have no specific plans at this point to proceed,” he said.

Edwards described the hearing as another step in the process to ensure they can immediately move forward with the bond issuance if and when the necessary equity financing is secured.

The company continues efforts to secure the funding and began working last year with a new, as-yet-undisclosed financial adviser on that process.

“We want to have all of the administrative steps out of the way,” Edwards said.

NO LOCAL OBLIGATION

The IDA would be responsible for lease of a 68-acre parcel on the flight line, while the County of Clinton Capital Resource Corp. would be responsible for the bond issuance.

IDA Executive Director Erin Hynes once again said issuance of the bonds by the agency doesn’t put the state, county or taxpayers under any obligation to make good on them. That is the sole obligation of Laurentian Aerospace, she said.

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