Dick Vinson said his dream of reviving his Idaho sawmill in Emmett isn’t yet dead. But that dream — or at least Vinson’s part in it — might be gasping its dying breath.
Emerald Forest Products is bankrupt and owes more than $1.9 million to Northwest Bank. The Boise bank, formerly Western Capital Bank, is foreclosing on the mill. A trustee sale scheduled for Aug. 14 that would have transferred ownership to the bank or to a third-party bidder was delayed for 30 days, theoretically giving Vinson more time to pay the bank and avoid losing the mill.
Vinson, a Montana entrepreneur with decades in the timber industry, told the Idaho Statesman that his partners are trying to come up with the money. He wouldn’t discuss details. “We’re not entirely out of it,” he said. “We’re still in there, still trying to put something together.”
Vinson tried to bring the timber industry back to Emmett by opening the sawmill in 2010 at 500 W. Main St. He used $4 million in federal economic stimulus money and said he invested at least $7 million of his own funds in the project. He bought used equipment from mills that had closed in recent years.
Vinson and representatives from the bank and trustee declined to comment on the sawmill’s value. The Gem County assessor’s office appraised the land at $138,434 for 2013. The structure value fell from $843,000 in 2012 to $500,142 this year because of inactivity, and the personal property — meaning all of the machinery and other property inside the building — fell from $4.4 million in 2012 to $1.9 million.
From The Idaho Statesman: http://www.idahostatesman.com/2013/08/29/2733513/sawmill-bankruptcy-leaves-emmett.html