A loan that helped keep the former Printpack building on Kemp Street in Rhinelander in use has been paid off.
Printpack had moved to a new location on Highway 17, leaving their old building vacant years ago.
In 2016 Oneida County, led by Oneida County Economic Development Corporation, negotiated a deal.
The Oneida County Board approved a loan guarantee to secure a $15 million loan from the Board of Commissioners of Public Land.
Oneida County Economic Development then owned the former Printpack building and leased it to Expera Specialty Solutions, now Ahlstrom Munksjö. (MUNK-show)
The loan covered the price of the building, and renovation, purchase, and installation of all operating equipment and environmental controls for the highly modernized facility.
OCEDC owned the property and equipment until May of this year.
It’s now been formally transferred to Ahlstrom Munksjö. (MUNK-show)
Jeff Verdoorn, Executive Director of the Oneida County Economic Development Corporation, called it “A big win for Oneida County, the City of Rhinelander, and Ahlstrom.”
