Florelle Tissue In Trouble For Not Paying Mortgage
Florelle Tissue in Brownville is like any other new business: there's good and there's bad.
"Start ups, you expect some bumps," said Dave Zembiec of the Jefferson County Industrial Development Agency.
"This is a big bump to have in the road, obviously."
The paper mill is behind on its mortgage -- owing roughly $630,000 on a note taken out in November 2011 -- and the bank just filed to foreclose on the building.
Despite what it sounds like officials say this is probably not the end of Florelle Tissue.
A foreclosure could take months, giving everyone -- including the group that helped bring Florelle to the north country -- time to save the business.
"It may be them having to bring in another financing institution to buy out the Chase bank loan, Zembiec said.
"I'm not sure, but I think we'll look at any and all options."
Right now, Florelle employs just 15 people, but the goal is to have as many as 70 employees within a few years.
"They're producing, they're making product, producing four lines of napkins and paper towels at this point in time," Zembiec said, and we want to work to make sure they succeed."
The company's owner, Harry Minas, declined to comment on camera, but he did say production is going well and he hopes to clear everything up with the bank soon.
Tuesday, September 2, 2014, Watertown, NY
On Wall Street