Chautauqua County Industrial Development Agency Board Meeting (April 26, 2022)

The Chautauqua County Industrial Development Agency board has approved a loan request to the company buying the former Welch’s Building in Westfield.

2 Portage LLC requested a $475,000 loan for the real estate acquisition. The Al Tech Revolving Loan fund loan has terms of 20 years at 4% interest. The project will be an adaptive reuse of the building with the total project cost of $11.5 million.

The IDA also approved a $90,000 loan to International Ordnance Technologies. The loan goes toward the repair a heat-treat furnace which had broken down. IOT manufactures machine gun links. The Jamestown Local Development Corporation approved a $90-thousand dollar loan for the same project at its meeting earlier this month.

A number of EDA (Economic Development Administration) CARES Act loan were approved by the IDA with the loans being used for working capital.

The businesses that had loan requests approved include:
– $41,000 for Merritt Estate Winery to buy juice to make wine for this season
– $125,000 for Artone Manufacturing LLC to assist with hiring and bringing on new employees
– $100,000 for Heritage Ministries to help with costs related to COVID test purchases and new equipment
– and $100,000 for Labyrinth Press Company to be used for hiring and training new employees.

IDA CEO Mark Geise informed the IDA board that in-person meetings will resume in May with meetings still being available over livestream on the IDA’s YouTube Page.

He also announced that in honor of the CCIDA’s 50th Anniversary that the IDA has bought out Diethrick Stadium for the June 30th Tarp Skunks‘ baseball game.

On Sept. 9 local, state and federal officials announced $10.5 million in federal funding to assist businesses in Chautauqua County during the COVID-19 pandemic. From left to right – Assemblyman Andrew Goodell; Joel Frushone, EDA Director – Office of External Affairs; Anthony Foti, Intergovernmental Affairs Director – U.S. Department of Commerce; Richard Dixon, CFO – County of Chautauqua Industrial Development Agency; Congressman Tom Reed; Senator George Borrello; County Executive Paul Wendel; Mayor Wilfred Rosas; Crystal Surdyk, Interim Director of Development for the City of Jamestown; Michael Metzger, Chairman of the Board for the CCIDA and VP for Finance and Administration at SUNY Fredonia.

JAMESTOWN – The Chautauqua County Industrial Development Agency has allocated more than half of the federal CARES Act money it recently received to assist businesses throughout the county during the COVID-19 pandemic.

In September, The U.S. Economic Development Administration (EDA) announced the county IDA was selected to receive a $10.5 million grant to establish a new, low-interest Revolving Loan Fund (RLF). Both businesses and non-profit organizations are allowed to apply for the funding as a means to respond to economic injury resulting from the COVID-19 pandemic.

As currently established, the new RLF provides loans of no less than $25,000 and not to exceed $1 Million, and working capital loans of up to $250,000, with an interest rate of 2.44% (the lowest allowed).

The first round of funding – totaling more than $5.7 million, was awarded during the Tuesday IDA board meeting – going to 28 businesses and non-profit entities.

Of the 28 loan approvals, six of them covered more than half the total amount being borrowed:

• $700,000 to SKB Auto Sales (Fredonia)
• $646,650 to Big Inlet Brewing (Mayville)
• $500,000 to Cockaigne Resort (Cherry Creek)
• $494,460 to Artone (Jamestown)
• $375,000 to Heritage Ministries (Gerry)
• $375,000 to Advanced Production Group (Dunkirk)

The remaining loans were as follows:

• $322,000 to Luscombe Aircraft Corporation (Jamestown)
• $250,000 to La Quinta/ Holiday Inn Express/ Hampton Inn (Jamestown)
• $227,000 to Pace’s Pizzeria (Jamestown)
• $200,000 to Webb’s Candies, Inc./ Webb’s Motel Inc. (Mayville)
• $182,183 to Kimbert Manufacturing dba Barton Tool Inc. (Falconer)
• $125,000 to Ark Wholesale, LLC (Fredonia)
• $125,000 to Brigiottas Farmland Produce & Garden Center Inc. (Jamestown)
• $125,000 to Corvus Bus & Charter, Inc. (Falconer)
• $125,000 to Excelco/Newbrook, Inc. (Silver Creek)
• $125,000 to Falconer Hotel, LLC (Falconer)
• $125,000 to International Ordnance Technologies (Jamestown)
• $125,000 to Pucci Carpet One Furniture & Bedding, Inc. (Fredonia)
• $115,000 to Shawbucks, Inc. (Jamestown)
• $125,000 to Webb’s Harbor Restaurant and Bowling Lanes, Inc. (Mayville)
• $87,500 to Bilicki Law Firm, PC (Jamestown)
• $85,000 to Skate Shop (Jamestown)
• $75,000 to The Original Crunch Roll Factory, LLC (Westfield)
• $41,000 to Merritt Estate Winery, Inc. (Forestville)
• $35,000 to Ivory Acres Weddings LLC (Frewsburg)
• $25,000 to Uhl Ventures LLC dba Servpro of Jamestown/Olean (Jamestown)

IDA Director Mark Geise reminds businesses that the application and program details are still currently available, and urges anyone interested in applying to contact the CCIDA office at 661-8900.