Laurentian Aerospace first announced back in 2006 that it planned to build and operate a huge aircraft maintenance facility on 232 acres at Plattsburgh international airport.
Since then, the project has proceeded in fits and starts. In March, the company announced it would be ready to start construction in April. But now the project is once again on hold, thanks to financing complications.
Laurentian is one of the North Country’s biggest economic development projects, and may ultimately create as many as 900 jobs. Ken Adams is president of the Empire State Development Corporation—he says the state is working hard to make sure the project comes to fruition, “We’ve made a commitment to give the project a loan to help with its financing,” he said, adding, “as I understand it they’re still working on the terms of the deal. Folks have worked on the project for a long time, it’s really important to bring it to the finish line.”
In December, the state announced it had approved an $18 million combination of loans and grants for Laurentian. The cost of the construction is estimated at about $175 million.
Laurentian Aerospace Senior Vice President and Chief Financial Officer Andrew Edwards told the Plattsburgh Press-republican he expects work on the hangar to resume within three weeks—as soon as the financing issues can be resolved.