Newcomb Supervisor George Canon, whose township is dominated by former Finch, Pruyn holdings, said the news could be worse.
If you look at what the Nature Conservancy is intending, I don't see any significant changes from what Finch, Pruyn is doing, said Canon.
Canon expressed concern for the future of the leases, since part of the towns economy is dependent on the business of the recreational lease holders. He said he was satisfied that the Nature Conservancy intended to continue the current tax structure for the property.
When you hear the Nature Conservancy has acquired the property, the first thought is about changes to the tax revenue but that doesn't seem to be the case, said Canon.
Fund-raising expected from TNC
The Nature Conservancy ia a non-profit conservation group that has been working locally in the Adirondacks for 36 years. The purchase was financed in part through loans from the Open Space Conservancy, the land acquisition affiliate of the Open Space Institute, and from John Hancock Life Insurance Company. TNC will launch a major private fund-raising campaign for this landmark purchase.
John Hancock Life Insurance helped to facilitate both the land and business sales announced. Hancock provided significant debt financing to The Nature Conservancy to facilitate the purchase of the woodlands and equity and debt financing to Finch Paper Holdings for the purchase of the manufacturing facility assets of Finch, Pruyn.
Finch, Pruyn has been an outstanding steward of this beautiful and bountiful land. We look forward to carrying on the companys proud tradition of sustainable forest management while also preserving the propertys natural and scenic riches, said Meredith Prime, board chair of The Nature Conservancys Adirondack Chapter.
The Nature Conservancy is a international, non-profit organization that protects ecologically important lands and waters for nature and people. With Mondays announcement, the Conservancy has protected 556,572 acres in the Adirondacks since 1971. More than 300,000 of those acres are privately owned and managed sustainably as working forests.
Finch Paper Holdings, LLC, acquired the assets of Finch, Pruyn & Co., Inc. in June 2007. The predecessor company was founded in 1865 as a sawmill, lumberyard and quarry operation on the Upper Hudson River in Glens Falls and began papermaking operations in 1905.
With approximately 850 employees, the company is a leader in the premium uncoated printing paper market, manufacturing more than 250,000 tons per year for advertising materials, book publishing and business office uses from its single Glens Falls mill.