Laurentian, state still committed to local project

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July 26, 2010

Airport hangar project could provide hundreds of local jobs

By DAN HEATH Staff Writer The Press Republican Mon Jul 26, 2010, 06:07 AM EDT

PLATTSBURGH — Empire State Development continues to be committed to the Laurentian Aerospace Corp. proposal.

In 2006, the company announced plans to build a two-bay 273,000-square foot maintenance, repair and overhaul hangar for large bodied aircraft at Plattsburgh International Airport.

The company expected to create about 200 jobs initially, with up to 900 after future expansion.

During a meeting with the Press-Republican Editorial Board recently, Empire State Development Chairman and CEO Dennis Mullen said he continues to believe in Laurentian's proposal, due to the strength of the idea.

"The Laurentian business plan is one that has a competitive advantage," Mullen said.

In 2009, the Empire State Development Board of Directors approved a $12 million line of credit that Laurentian could access if needed for the project.

"What we offered them is still on the table," Mullen affirmed.

He said it will remain so unless someone proves the plan is not viable, and no one has done that yet.

Speed is a major factor in Laurentian's plan. Each bay at the hangar would have a computer-operated, laser-guided docking system that can have aircraft ready for work within about 30 minutes of arrival. That saves about a day on each end of the process.

Airlines calculate they lose about $200,000 for each day a plane is out of service.

The other advantage of the proposal is its location in the Northeast, a central site for the many large airports in major metropolitan areas. Airlines then wouldn't have to fly overseas to find a similar facility.

Laurentian Aerospace CEO Robin Wohnsigl told the Press-Republican that the entire project team remains in place, which shows their confidence that it will eventually happen.

The main issue continues to be finding someone to serve as the lead investor during the global recession.

The partners are encouraged, as the financial markets continue to show signs of improvement, Wohnsigl said.

"Most of us are feeling pretty upbeat at the moment," he said, noting there are still a number of potential lead investors.

The Board of Directors met just last Wednesday with one investor in Manhattan, he said.

Wohnsigl said it is possible the project may come to fruition by the end of this year.

The project cost is about $210 million. That includes $100 million for construction and the remainder for startup costs and reserve funds.

The partners remain encouraged by the local, state and federal support the project continues to receive.

"People ask us, 'If this is such a good project, why has it not gone forward?'" he said.

The bad news is the difficulty in securing the lead investor, Wohnsigl said, while the good news is that a very knowledgeable team remains committed to its success.