FRANKLIN—Tak Investments has entered a letter of intent to complete an evaluation of International Paper Co.’s Franklin mill for a recycled fiber facility. The project would create about 70 new jobs.

International Paper spokeswoman Donna Wadsworth confirmed Thursday that Tak, the parent company of ST Paper, has begun an analysis of the mill for its operation.

Wadsworth said the proposal would not negatively impact plans by Franklin Pellets LLC to use the mill, or IP’s decision to use about a third of the mill to produce fluff pulp.

“These projects are not competing,” she said. “They are complementary.”

Tak’s proposal would use an existing recycled fiber plant at the mill to produce post-consumer recycled fiber that would be made into tissue paper and towel products, Wadsworth said.

The project calls for the modification of a paper machine into a tissue machine, which would produce up to 70,000 tons per year of recycled tissue. The facility is targeted to be operational in the third quarter of 2012.

“This brings jobs to the community, which is important to everyone,” Wadsworth said.

Tak Investments owns and operates a 70,000 ton per year recycled tissue mill in Oconto Fall, Wisc.