A major employer in Isle of Wight will be closing next spring, according to the Richmond Times-Dispatch.

The mills’ employees account for nearly 4 percent of the total labor force of city of Franklin and the counties of Isle of Wight and Southhampton.

Gov. Timothy M. Kaine said the Virginia Employment Commission would send a crisis team to Franklin soon to help International Paper employees and their facilities.

Based on 2008 tax assessments and rates it paid Isle of Wight county roughly $5.5 million in machinery and tools taxes and more than $900,000 in property taxes.

This is unfortunate news for area homeowners. Besides seeing an increase in unemployment, increasing residential property taxes could become a possibility to make up for the lack of taxes being paid by International Paper. Homeowners should be aware of this situation, and encourage county officials to seek state and federal help if necessary.

"International Paper will close its mill in Isle of Wight County, putting 1,100 people out of work.

The company expects to close the mill, long an economic mainstay of southeast Virginia, in spring 2010.

'We have concluded that we have excess capacity in our North American paper and packaging business business,' said John Faraci, chairman and chief executive of the Memphis-based company, said today in announcing several closures."

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