MALONE - The former Cleyn and Tinker building was officially sold to Dow Electric, Inc., on Tuesday. With that, the company is planning renovations as well as adding jobs.
The announcement was made by the Franklin County Industrial Development Agency –– which has owned the building since 2006 –– Tuesday morning through a news release.
This is extremely good news for Malone, IDA CEO John Tubbs stated in the release. Dow Electric has been an integral part of Franklin Countys industrial sector for 25 years.
Dow, which specializes in electrical, general, site, high voltage and traffic signal construction projects, according to the release, paid $420,000 for the approximately 60,000 square foot building, according to Mr. Tubbs via email.
This is $80,000 less than what the IDA paid for it in 2006 since Mr. Tubbs said it was purchased for $500,000.
Dow plans to sink $900,000 into building renovations, according to the release, to bring it up to 2014 standards. The company also plans to increase its workforce along with maintaining the amount of employees it currently has, according to Mr. Tubbs in the release.
The interior of the building will see considerable mechanical upgrades, HVAC [heating, ventilation and air conditioning], data cabling and a sprinkler system, Tracy Dow, president of Dow Electric, said in the release. We also plan to take advantage of the areas infrastructure development by converting the heating system to energy efficient natural gas.
While responses to the sale were positive, some wondered why it took the IDA seven years to sell the property.
The buildings been off the tax rolls since 2006, said Malone Supervisor Howard Maneely, who noted that the town, county and Malone school district have lost tax money since the IDA [sat] on that for so long.
Mr. Maneely said, however, that Dow planning to add jobs is a plus.
Im glad its going to be sold, he said.
Franklin County Board of Legislators Chairman Billy Jones, D-Chateaugay, said that the area cant cry over spilled milk regarding the loss of tax revenue for the county and other entities.
Ive been pushing to get that building sold for three years, Mr. Jones said.
However, he was pleased that Dow will create jobs through the expansion, which he said northern Franklin County desperately needs.
Obviously its good, Mr. Jones said. Its a well established business in Franklin County. ... Its a little bit of economic development.
Hugh Hill, executive director of the Malone Chamber of Commerce, was also positive and said the chamber has always supported job growth.
He noted that Dow Electric has been operated by the Dow family and they are interested in investing in the area.
I think its fantastic news, Mr. Hill said.
Rumors have surrounded the sale of the Cleyn and Tinker building dating back several years.
After Cleyn and Tinker sold the building to the IDA in 2006, part of the space was leased to house county transportation buses.
Cleyn and Tinker purchased the building from Bombardier Corporation in 1992. The company manufactured wool and wool products, particularly mens clothing.