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Letter of intent approved for sale of former Mohasco property

A letter of intent from Print Bear, the operator of the sticker printing site stickermule.com, to purchase the former Mohasco property near the corner of Forest Avenue and Lyon Street was approved by the Amsterdam Industrial Development Agency at their meeting on Wednesday.

The letter specifies a selling price of $100,000. Print Bear intends to develop the land to expand their operations, however further details in regards to the scope of the development and how many jobs will be created are still forthcoming. AIDA will look next to negotiate a formal purchase agreement with the company.

When reached for comment today, Linette Waling, vice president of operations at Print Bear, wrote “Sticker Mule is growing quickly and aims to be the best place to work in Amsterdam. We are committed to providing an outstanding factory environment where talented people can work and look forward to continued expansion in the coming years.”

At Wednesday’s meeting, AIDA Board Chairman Pat Baia said in regards to the potential sale, “We’re excited about this. That’s a property that has been dormant for years.”

Baia said that allowing Print Bear to take over the development of the property would take a burden off the agency, who acquired the site from the city in 2015. He described the costs to develop the site as “astronomical” and “well beyond our means.” He said that Print Bear is aware of potential environmental issues that have may not have been detected and mediated yet at the site of the former carpet mill complex*, and would be responsible for all further costs associated with the property’s development.

Owners of Print Bear include members of the Constantino family, who also own Noteworthy Industries, which owns a factory building adjacent to the former Mohasco property.

Baia cited Noteworthy’s long history as employers in the city as a basis for entrusting Print Bear with the property. Citing previous payment-in-lieu-of-taxes (PILOT) agreements made between AIDA and Noteworthy that included job creation requirements, Baia said that the owners “never deviated from the job-developing promises that they’ve made, so I look forward to working with them in the future…They are an excellent company with an excellent track record.”

The AIDA board voted 5-1, with one abstention, in favor of accepting the letter of intent. Board member Michael Rossi abstained, citing a potential conflict of interest because of a relationship between his accounting firm and Noteworthy. Board member Gerald Gallup cast the only no vote, and declined to comment on his reason after the meeting.

Reached for comment today, Mayor Michael Villa called the agreement “another sign of Amsterdam’s comeback story” and thanked the Constantino family for their continued investment in the city, and AIDA for their efforts.

According to their website, Print Bears is “a remote team spread all over the world, including 6 countries.” Their jobs page lists open positions in Amsterdam, NY, as well as in Boulder, CO, Pisa and Bologna, Italy.

* Update 9/15: According to the letter of intent, a copy of which was obtained today, the agreement is contingent on the buyer’s determination that the property is free from material environmental conditions which would interfere with the use and operation by the buyer. 

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About Tim Becker

Tim Becker is the owner of AnthemWebsites.com LLC which publishes The Compass. He serves as both editor and a writer.

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