Potter Lumber Project

THE POTTER LUMBER COMPANY, INC. PROJECT

Potter Lumber Company, Inc. – located in Allegany, New York – has been in operation for over 103 years. During that time Potter Lumber has purchased and managed over 10,000 acres of timberlands in Cattaraugus, Allegany, and Chautauqua Counties in New York State and Potter and McKean Counties in Pennsylvania. Recently, Potter Lumber Company, Inc. sold their sawmill business to Baillie Lumber who will continue the operation under the name of Potter Lumber Company, LLC.

The Potter family corporation now known as EWP Lumber, Inc. (named after the founding member of the Potter family) is currently in the process of selling approximately 100 tracts of timber land from their holdings. Field & Stream Real Estate and Northern Forests, LLC is proud to represent the Potter family in the sale of these land tracts. The properties are being sold using a “sealed-bid offering” process. The prospectus for the offering will be mailed out three or more weeks in advance of that particular bid opening to interested parties.

The four-page “Invitation for Bids” included in each prospectus is the purchase contract. Only one option should be marked on a bid form. However, a purchaser may bid another option on a separate bid form. There are three options for bidding – as indicated on page 3 of the “Invitation for Bids”.

The three options are:

1. LAND ONLY: This option applies to the land with approximately a two year reservation on timber measuring 14” on the stump and larger. Generally hemlock, white pine, beech, and birch trees are reserved for the land as are the trees measuring less than 14” on the stump. After the approximately two year reservation period ends, all timber rights revert to the owner of the land.

2. TIMBER ONLY: This option applies to the timber designated for cutting – generally trees 14” in diameter and larger measured on the stump but not to include hemlock, white pine, beech and birch trees. There is approximately a two year period for this timber harvest to be completed. After the timber operation is finished, the land owner has all future timber rights.

3. LAND and TIMBER: All land and all timber will be transferred to the new owner with no reservations on the timber.

On larger timber sales, payment terms may be offered as follows: 10% of the purchase price within 7 days of being awarded the bid; 30% of the purchase price must be paid in 6 months; 100% must be paid in 1 year from being awarded the bid. However, ALL PAYMENTS MUST BE PAID BEFORE LOGGING BEGINS. If the financing terms are used, a security agreement and a UCC lien may be required.

Successful land and timber purchases will – at the request of the bidder – be handled with two contracts along with a one-page addendum which outlines the changes to the original contract. One contract will be for the land with 10% of the applied price down and the balance at closing. One contract will be for the applied value of the timber with possible payment terms as listed above or cash at closing. However, where payment terms are used, all timber payments MUST be made before timber cutting begins.

 

Parcel List By County

Allegany County, NY 

Cattaraugus County, NY

Chautauqua County, NY

 

Parcel Maps

Allegany County, NY – Full View

Allegany County, NY – Inset View

Cattaraugus County, NY

McKean & Potter Counties, PA

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