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Local News

October 11, 2013

Deadline looms for brewery proposal

(Continued)

Terry said if the tax-free zone status could be extended to the Guilford Mills complex, it would enhance the ability of Butternuts Brewing to attract more tenants to the site.

“We want to fill that building,” she said.

But whether it will ever be filled by Butternuts Brewing/Longhouse has become an increasingly remote possibility, in the view of County Treasurer William Cherry.

When the Board of Supervisors meets in one week from today, he said that he doubts the brewery company will be prepared to close on the property.

“Certainly, I don’t recommend extending that deadline any further,” Cherry said. “I think the county should list that property with a different realtor and get a new market analysis. I think it’s long past time that that property is put on the open market. Let’s see what the real value is on the open market.”

The Guilford Mills property has been appraised at nearly $4 million. The pending agreement calls for Longhouse to purchase it for $2.5 million. A significant amount of that — up to $1.5 million — would be returned to the company based on the number of workers it hires. The deal calls for the company to get $15,000 for each job it creates after the first 10. The cap for the total it could potentially receive has been set at $1.5 million.

Nearly two years ago, the Cuomo administration awarded a $175,000 economic development grant to the Cobleskill project and hailed it for its job-creating potential.

No jobs have been created there yet.

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