Essex County Industrial Development Agency

Grow your business in the Park

Champlain Valley Milling

 Champlain Valley Milling Corp., Inc.


Essex County Industrial Development Agency

$4,245,000 Tax-Exempt Revenue Bonds

(Champlain Valley Milling Corp., Inc. Project)

Series 2017




Champlain Valley Milling Corp., Inc. Finances a Grain Milling Facility in Willsboro, New York Through an Industrial Revenue Bond Private Placement Loan





Sole Manager: Janney Montgomery Scott LLC


On May 16, 2017, the Essex County Industrial Development Agency (the "Agency") issued a $4,245,000 tax-exempt fixed-rate bond on behalf of Champlain Valley Milling Corp., Inc. (the "Company"), a small manufacturer located in Essex County. The Agency issues industrial revenue bonds for the benefit of local manufacturing companies. Janney Montgomery Scott ("Janney") served as the sole underwriter on the privately placed bond issue, which was sold to a single investor. The proceeds were used to finance a grain milling facility for the Company.

Financing Highlights

  • The Series 2017 Bonds were issued for the purpose of financing the acquisition, construction, reconstruction, equipping and installation of buildings and building improvements and equipment, including land and fixtures, to manufacture grain into flour in Willsboro, New York.
  • The Series 2017 Bonds are secured by the general obligation of the Company (pledged revenues), a first lien on all plant, property and equipment (mortgage), a debt service reserve fund (equal to maximum annual debt service) and personal guarantees by two of the owners.
  • The Company's bonds were structured as a single term bond due in 30 years, with an interest rate of 6.25% and semi-annual sinking fund payments starting in 2019 though maturity. The Bonds were issued without a rating.
  • The entire bond issue was privately placed with one investor on May 10, 2017.


  • Champlain Valley Milling Corp., Inc. is a New York corporation formed in January, 1985 under Section 402 of the New York Business Corporations Law. The Company is the largest 100% Organic Flour Mill in New York State and is located between the Adirondack Mountains and Lake Champlain in an area known as the Champlain Valley. The Company has been milling hand-crafted flour and grains for over 30 years and is a family-owned C-Corporation. The Company's products focus on organic flours and grains. They purchase local organic grains in New York, along with organic grains from Vermont, the Great Plains of United States and Western Canada. A large portion of the Company's business focuses on producing "white flour", whole wheat flour and rye flour. As a small manufacturer, the Company qualified for a tax-exempt Industrial Revenue Bond financing.
  • Janney is a full service investment banking firm dedicated to serving borrowers with their debt financing needs. Janney serves its clients as an underwriter, placement agent or financial advisor.


Meeting Notice

IDA Board Meeting;  Thursday, November 8, 2018 at 9:00 AM at IDA office, Elizabethtown, NY - Meeting Agenda