Lowville- The Lowville Village Board of Trustees voted 5-0 to pursue private
    financing for the planned $37 million sewer upgrade, needed to accommodate
    the proposed expansion of the Kraft Heinz plant in the village.

    The village would not incur any added debt through the deal with the private
    equity firm the McDonald Group, but keep ownership of the plant, with Kraft
    Heinz being the ones in the position for repayment. Specifics of the plan were
    not disclosed, with confidentiality issues cited.

    The plan will still need to be signed off by officials from Kraft Heinz, as well as
    the New York State Comptrollers office. The Comptroller's office needs to
    approve any borrowing over the $10-$11 million limit that the village is
    constitutionally allowed.

    The village is still working on securing grant funding, which has not yet been
    awarded, to alleviate the amount needed to be borrowed. A bond resolution will
    need to be approved by the village board as well.

    A special meeting of the Board of Trustees has been planned for Wednesday
    at 5:30 PM.
Village of Lowville Plans Private Financing For Sewer Upgrade Project
04/07/16 07:30am
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