The Herkimer County Industrial Development Agency will conduct a public hearing on Nov. 7 for the purchase and installation of equipment by Burrows Paper Corporation.
The hearing will take place at 10 a.m. at Little Falls City Hall, according to a notice posted on the Herkimer County IDA website.
IDA Executive Director Mark Feane said the agency’s board of directors was originally supposed to have the final authorizing resolution for the project last week, but that was postponed until November.
Burrows Paper Corporation presented an application to the IDA for the $7 million project, which includes the purchase and installation of equipment. The IDA is able to give the corporation tax-exempt status for the use of industrial revenue bonds.
“The IDA wants to continue its commitment to our existing businesses,” said Feane.
According to the public hearing notice, the purchase and installation of equipment would include a fourdrinier, enclosed hood, press frames, moisturizer, process monitoring system, retention control and quality control systems, precision slitter and humidified slitting room. The equipment would be located at either of the company’s facilities at 75 Riverside Industrial Park or 489 W. Main St. in Little Falls.
According to the IDA website, “tax exempt industrial revenue bond financing is available to manufacturing firms and 501c3 not-for-profits through the Herkimer County Industrial Development Agency. These bonds encourage lenders to provide project financing at interest rates substantially below market. IRBs can be used to finance the cost of land, buildings, machinery, and equipment.”
For the complete notice of the public hearing, or for more information about the IDA, go to www.herkimercountyida.com.