June 1 passed with no sale of the former Guilford Mills factory, but the deal isn’t dead yet.
Even though Intelligent Fish officials weren’t ready for a closing last Wednesday, there has been movement towards a sale, according to county Attorney Mike West.
At a special meeting in May, supervisors said a closing on the Cobleskill plant must be done by June 1 or the $2.5 million deal with the fish-farming company was off.
Mr. West said he had all the necessary papers ready for the sale on June 1, but Intelligent Fish representatives called the night before to say they did not have the funds yet.
“We were ready to close,” Mr. West said.
He has heard that they could have the funds together in a month.
The county, Mr. West said is losing between $6,000 and $7,000 each month it owns the factory because of expenses.
The next step will be up to the county supervisors.
Mr. West said he will be going to the next Buildings and Purchases Committee meeting to discuss options, which would then go to the full county board.
Supervisors could say “the deal’s dead and go away” and turn over the $50,000 down payment from Intelligent Fish to the Treasurer’s Office, or see what action is being taken by Intelligent Fish and determine if there could be a sale.
“It’s up to the board,” he said. “I’m starting to see some life, some breath.”
Citing that an environmental review still must be done and public hearings have to be held, Mr. West said, it would take several months for a closing under the best of scenarios.
The quickest a closing could be held in 90 days, Mr. West said.
Though Intelligent Fish representatives said they have been working hard, not enough has been done, Mr. West said.
“While they think they have done lots and lots, they haven’t done what we see as most important, the SEQR [environmental review] process.
“We’re starving for information. We want to be a partner in this project. We want them here.”
Alicia Terry, the head of the county planning department said negotiations continue back and forth but she is not sure of the final outcome.
“Certain things have fallen by the wayside,” she said Monday. “I don’t know what the final results will be.”
Company official Dan McVeigh said Monday that he is “absolutely” hopeful that a closing will take place, though he added, “maybe it won’t, I don’t know.”
Company officials have been working getting all the loose ends tied up, he said. Attorneys from both sides are meeting, and Mr. McVeigh hopes for news back from them this week.
“We’re 95 percent there but we’ll see,” he said.
“There’s a few things to do but not much…Everything we could possibly do is done.”
He said a letter has been sent to the state Department of Environmental Conservation answering some questions on water use and others including “would the fish smell.”
For the record, the fish will not smell but company officials had to wait for information from the manufacturer to answer the question, Mr. McVeigh said.
Supervisors had hoped for a closing by February 14 and then in March.
Intelligent Fish is expected to hire up to 75 people if it is up and running.