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IDA authorizes Frankfort turbine‑blade project to proceed to closing
Summary
The agency authorized a manufacturing project in Frankfort (turbine blade production) and directed staff to proceed toward closing when the applicant finalizes lender coordination.
The Herkimer County Industrial Development Agency voted to authorize a proposed manufacturing project in the Frankfort Industrial Drive area to proceed to closing when the applicant coordinates with its lender.
Agency staff told the board that draft documents are complete and the applicant — described in meeting remarks as bringing an equipment line from France and returning a product line to local production — is ready to move. Staff asked the board to authorize the project so the agency can close when the applicant’s lender is prepared.
Why it matters: agency authorization is a formal step that allows the IDA to execute project documents and provide any agreed incentives once closing is coordinated. Staff said the company is aerospace‑qualified (AS 9100) and ITAR‑compliant and may pursue additional grant funding through agency channels.
The motion to authorize the project was moved and seconded during the meeting and carried on a voice vote with members responding “aye.” The transcript does not record a roll‑call tally; staff said the group expects to coordinate a closing date with the applicant’s lender.
Ending: staff said they will continue due diligence and proceed to closing once the applicant and its lender confirm timing.
