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NIAGARA, WI -- UPDATE 5:45 p.m.

We know one thing for sure about the former Niagara Paper Mill...it won't be a paper mill anymore.

The newly formed Niagara Development LLC officially bought the mill from NewPage last week and is planning on using the property and its assets to attract national companies.

"I'm contacted everyday by a new venture or a representative of ventures that are interested in talking," said Niagara Development President Eric Spirtas.

Spirtas said power and green energy companies are being targeted, given the equipment and assets available on site.

For Niagara Mayor George Bousley, this is a step in the right direction for the area.

"We're a community of many small communities, so I guess the thing is I've watched this economy grow locally,” said Mayor Bousley.  “Now if we can bring this part back to the local economy, it means that it's something you can pass onto the next generation."

While Niagara is still feeling the effects of the mill closing back in 2008, the town's resilient attitude has Spirtas confident about the future.

"They have the heart and desire to rebuild,” he said.  “Not every town has that, but Niagara does have that.  So we look at it as a great hotbed of development."

Niagara Development is a private company started by Spirtas and another partner for the purpose of developing the site and bringing businesses to the area.  The company's headquarters will be in Niagara, however, the partners have no ties to the area.

Also, no information is being released about the finances of the deal between Niagara Development and NewPage.

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An official announcement was made on Tuesday about the Niagara Paper Mill being purchased by Niagara Development LLC.  What happens now that the mill has been purchased?

Eric Spirtas, Niagara Development's president, said that the mill will be used to attract national businesses.  The paper mill and land will be sold, in portions, to different companies.

Niagara City Mayor George Bousley said that it will take three to five years for the full impact of the Niagara mill purchase to be felt by the community.