Latest news with #JCIDA
Yahoo
11-02-2025
- Business
- Yahoo
Convalt sued by Jefferson County Industrial Development Agency over unpaid $1.05 million loan
Feb. 10—WATERTOWN — The Jefferson County Industrial Development Agency has filed a lawsuit against Convalt Energy for failing to pay a $1,050,00 loan. On Monday, the JCIDA filed papers in state Supreme Court on the $1.05 million lawsuit alleging that Convalt failed to pay back a loan for constructing a 300,000-square-foot solar manufacturing plant on land that the economic development agency owns near the Watertown International Airport in the town of Hounsfield. In November, the JCIDA and Convalt parted ways after the company failed to fulfill its obligations on a land development agreement to build on the 88-acre site on Route 12F. According to the court papers, Convalt has defaulted on the loan. Marshall Weir, the JCIDA's CEO, declined to comment on the legal action against the company. "I really can't say anything at this point," he said. The JCIDA board talked about the lawsuit during a lengthy executive session at Thursday's February meeting. Contacted by phone on Monday afternoon, company president Hari Achuthan declined to comment, saying he was unaware the lawsuit was filed. "I have no idea," he said. "Maybe they did. I don't know. They did not notify us." According to court papers, Convalt failed to pay on the construction costs at the site, legal fees, costs and disbursements, "despite demands" by the JCIDA. The legal papers list Convalt Energy, Convalt Manufacturing LLC, Acco Investment Group and Achuthan as defendants. The JCIDA has learned that Achuthan is now seeking to build the solar manufacturing plant in Colorado Springs. Six weeks ago, Convalt was awarded $6.25 million in funding from the Colorado Economic Development Commission to build the plant there. Achuthan has promised to pay back the loan to the JCIDA. The project was once billed as the largest economic development project in Jefferson County's history. The JCIDA board decided in November not to renew the land development agreement after continued delays. Plans were announced in February 2021 for Convalt, then a New York City-based renewable energy company, to invest $650 million in the project that would manufacture solar panels, initially creating hundreds of jobs but projected to employ thousands over time. A sister company, DigiCollect, would also build a facility in the airport industrial park. Achuthan has blamed a glut of solar products into the U.S. from China and deep cuts in product prices, harming the feasibility of the large project. He has also indicated that it was taking more time to obtain financing for the project.
Yahoo
08-02-2025
- Business
- Yahoo
Colorado company plans to build solar farm in Hounsfield
Feb. 6—WATERTOWN — The Jefferson County Industrial Development Agency gave initial approval for a tax abatement package to a Colorado renewal energy company to create a solar farm in the town of Hounsfield. The JCIDA board on Thursday approved an "initial resolution" for a Payment In Lieu of Taxes, or PILOT package to AES Black River LLC. The Louisville, Colorado, company plans to build a 2.4-megawatt solar array on 19 acres of vacant agricultural land at 19172 County Road 66, near Route 3. Final approval will occur at a future JCIDA meeting. According to its application to the JCIDA, AES Black River will lease the land from the current owner. JCIDA board members described the $9.2 million project as a small to medium solar farm. According to the application, brush will create a natural buffer to prevent a view along Route 3. "You're never going to see it from Route 3," JCIDA board member Paul Warneck said. AES company official Diana Boylan attended the meeting through zoom to answer questions about the project. Two Sackets Harbor School District officials also were on Zoom. School Superintendent Jennifer Gaffney asked why the developer had not notified the district about the project. The JCIDA invited her to attend the meeting. She also expressed concern that the property taxes generated by the project could impact the district's state tax cap restrictions. A public hearing will be set for the PILOT agreement. The JCIDA board's loan review and alternative energy committees will take up the project in the coming weeks. The Hounsfield Town Planning Board approved a site plan for the project in September.
