Slaughterhouse gets federal loan

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October 2, 2012

Slaughterhouse gets federal loan

By LOHR McKINSTRY Press-Republican The Press Republican Tue Oct 02, 2012, 06:24 AM EDT

TICONDEROGA — The proposed Adirondack Meat Company slaughterhouse in Ticonderoga has qualified for a $900,000 federal loan to get started.

The funding could be used to construct the 7,500-square-foot meat-processing plant near Ticonderoga Commerce Park and purchase equipment for the operation.

The $1.4 million project is also eligible for up to $800,000 from an Essex County Industrial Development Agency loan using a tax-exempt bond.

Meat Company owners Peter and Denise Ward of Ticonderoga are still working out all funding for the project, IDA officials said.

The U.S. Department of Agriculture’s Office of Rural Development said Monday the plant was approved for the $900,000 Business and Industry Guarantee Loan. A local bank is being sought to lend the money.

“The announcement is a tremendous step forward for this local business and for the farmers who will utilize the facility,” said Rep William Owens (D-Plattsburgh) in a news release. “By helping farmers move their products to market, we can give them more opportunities to expand in New York, and this new operation aims to do exactly that.”

WILL CREATE JOBS

The proposed operation is expected to create at least 12 full-time positions. It will process 10 beef cows a day, which could be increased up to a capacity of 50.

U.S. Sen. Charles Schumer (D-New York City) also weighed in on the USDA loan.

“This injection of federal dollars will allow the construction of a local meat-processing plant in Ticonderoga that will not only keep Adirondack meat truly local but create jobs in the community,” Schumer said in a news release.

A business has up to 30 years to repay a federal loan on real estate. The length to pay back loans for machinery and equipment cannot exceed the useful life of the materials, or 15 years, whichever is less, Schumer’s office said.

The Adirondack Park Agency previously OK’d the Adirondack Meat Company project, which will be the first U.S. Department of Agriculture-certified meat-processing facility inside the Adirondack Park.

Email Lohr McKinstry: lmckinstry@pressrepublican.com

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