Lincoln County to buy Stimson finger joint assets
by Duane Williams, KLCB 1230 AM Libby News Radio
May 28, 2009
In a deal months in the making, brokered by Kootenai River Development Director Paul Rumelhart, Lincoln County is buying the finger joint assets from Stimson Lumber Company.
Commissioners Tony Berget and John Konzen had heard that Stimson planned to auction off the assets, removing infrastructure from the community, as Stimson did with the sawmill. The Commissioners approached Stimson about buying the equipment and first given a price range of $300,000 to 500,000. An original, undisclosed offer from Lincoln County was refused. A second counter offer of $127,000 was accepted.
The $127,000 will come from economic development funds of Metal Mines monies.
Commissioner John Konzen emphasized that Lincoln County does not intend to be in the finger joint business. The goal is to preserve the facility as job ready capable, pending a sale to a private party entity interested in reopening and operating the facility. Stimson retains a three year 1st refusal on repurchasing and operating the facility. Konzen said the County will not sell the jointer operation to anyone, including Stimson, who is not willing to run the mill in place, and not remove it from the community.
The sale price includes the finger joint equipment and some rolling stock. The deal is expected to be finalized by the end of May.
The closure of the finger jointer left 35 people without jobs.
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Story by Duane Williams, KLCB 1230 AM Libby News Radio, www.todaysbestcountryonline.com.
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