Photo: Harrison, Jessica (OGS)
A rendering of Monolith Solar's new headquarters facility at the Vista Technology Campus in Slingerlands
A rendering of Monolith Solar's new headquarters facility at the Vista Technology Campus in Slingerlands
Photo: Harrison, Jessica (OGS)
Construction begins at the Monolith Solar site at Vista Technology Campus on Friday, Jan. 20, 2017, in Slingerlands, N.Y. (Will Waldron/Times Union)
Construction begins at the Monolith Solar site at Vista Technology Campus on Friday, Jan. 20, 2017, in Slingerlands, N.Y. (Will Waldron/Times Union)
Photo: Will Waldron
Workers from Monolith Solar install some of the 1396 panels that will cover both sides of the Knickerbacker Recreational Facility Tuesday Feb. 28, 2017 in Troy, N.Y. (Skip Dickstein/Times Union)
Workers from Monolith Solar install some of the 1396 panels that will cover both sides of the Knickerbacker Recreational Facility Tuesday Feb. 28, 2017 in Troy, N.Y. (Skip Dickstein/Times Union)
Photo: SKIP DICKSTEIN
Monolith Solar still hasn't been able to close on $5 million loan for new headquarters Thursday May 4, 2017 in Slingerlands, NY. (John Carl D'Annibale / Times Union)
Monolith Solar still hasn't been able to close on $5 million loan for new headquarters Thursday May 4, 2017 in Slingerlands, NY. (John Carl D'Annibale / Times Union)
Photo: John Carl D'Annibale
BBL is set to build Monolith Solar's new headquarters in Slingerlands and even has a building permit in hand. However, the $5 million loan needed to finance the project is still not yet approved.
BBL is set to build Monolith Solar's new headquarters in Slingerlands and even has a building permit in hand. However, the $5 million loan needed to finance the project is still not yet approved.
Photo: By Larry Rulison
The Monolith Solar site at the Vista Technology Campus in Slingerlands on Wednesday, April 3, 2017. Monolith has a building permit for its new $5 million headquarters but has yet to close on the financing.
The Monolith Solar site at the Vista Technology Campus in Slingerlands on Wednesday, April 3, 2017. Monolith has a building permit for its new $5 million headquarters but has yet to close on the financing.
Photo: By Larry Rulison
People mingle after an announcement that Monolith Solar will build its new headquarters, and research and development and manufacturing facility in the Vista Technology Campus at the Vista Technology Campus on Wednesday, Oct. 15, 2014 in Slingerlands, N.Y. (Lori Van Buren / Times Union)
lessPeople mingle after an announcement that Monolith Solar will build its new headquarters, and research and development and manufacturing facility in the Vista Technology Campus at the Vista Technology Campus on
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Monolith says Pioneer Bank deciding this week on new HQ loan
Bethlehem
Monolith Solar should hear this week if Pioneer Bank is going to approve a construction loan for a new $4.6 million headquarters in Slingerlands at the Vista Technology Campus.
Monolith, which is based in Rensselaer but wants to build a new headquarters and warehouse in Slingerlands after running out of space at its cramped offices, first announced its plans for the project in the fall of 2014.
However, the project has been delayed as Monolith has failed to get construction financing from several different banks, even trying to get a loan guarantee from the U.S. Small Business Administration at one point.
Monolith has lined up $640,000 in potential tax breaks from the Bethlehem Industrial Development Agency on top of a $800,000 incentive package from the state to offset the costs of the project, which would provide the Vista business park with its first technology tenant.
Because of the issues with the loan, the IDA process has been dragging on for two years now, although the company has updated the IDA board almost every month.
Jennifer Pickett, Monolith's controller, told the IDA board on Friday that the bank's loan approval board is meeting Tuesday to consider the loan.
"They (Pioneer Bank's loan officers) expect to present our project to the board and get final approval," Pickett said at the IDA meeting Friday. "We're on track. When we have the signed (loan) commitment, we'll give you guys a copy."
The Vista business park is owned by Columbia Development of Albany, and Monolith is planning to buy the land where the new headquarters would be built, which is on a parcel behind the ShopRite.
Monolith CEO Mike Hickey told the IDA last month that if the loan goes through as planned, construction would begin in the spring.
http://www.timesunion.com/business/article/Monolith-says-Pioneer-Bank-deciding-this-week-on-12438484.php
