![]() We discovered extraordinary biological richness, inspiring TNC to step up and play the leading role in this property's future,” said Michael Carr, Executive Director of The Nature Conservancy's Adirondack Chapter, based in Keene Valley. “We came to know these lands when Finch, Pruyn contracted with the Adirondack Chapter in 2001 to conduct an extensive ecological inventory as part of the company's 'green forestry' certification. In keeping with its conservation mission, TNC's objectives are to preserve the property's biological diversity while maintaining working forests and seeking to enhance public recreational opportunities. This fall, TNC will renew the year-to-year recreational leases on the property for the upcoming year. ![]() On the forestlands, TNC will take responsibility for local taxes, and much of the forests will continue to supply fiber to the Finch Paper mill, which employs approximately 850 people. Richard Carota, previously CEO of Finch, Pruyn, is an investor in the new company and will continue as CEO of Finch Paper. Finch Paper Holdings LLC is owned by an investor group led by Atlas Holdings LLC (“Atlas Holdings”) and Blue Wolf Capital Management LLC (“Blue Wolf”). The land sale was made concurrently with the close of Finch Paper Holdings LLC's acquisition of Finch, Pruyn & Co., Inc. ![]() TNC will launch a major private fundraising campaign for this landmark purchase. 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. The Nature Conservancy, a non-profit conservation group that has been working locally in the Adirondacks for 36 years, purchased the 161,000-acre property for $110 million, or $683/acre. The transaction includes an historic 20-year Working Forest Agreement that will ensure a fiber supply to the Glens Falls mill and continue to support the jobs associated with timber harvesting. The Nature Conservancy has purchased all 161,000 acres of Finch Paper Holdings' forestland in the Adirondacks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |