The wheels are in motion to secure a $25 million bond to help a new company take over a West Carthage paper mill.
The Jefferson County Industrial Development Agency approved a resolution Thursday, which kicks off the process of issuing up to $25 million in bonds to Long Falls Paperboard.
The company has put in an offer to buy Carthage Specialty Paperboard, which filed for Chapter 11 bankruptcy in February.
"There's no approval or anything yet. This is just the first step in getting the process going," said David Converse, chair of the JCIDA Board.
Long Falls Paperboard is looking to use tax exempt bonds to finance rehabilitation and construction work and additional equipment.