{"id":44042,"date":"2022-04-28T07:02:56","date_gmt":"2022-04-28T11:02:56","guid":{"rendered":"https:\/\/www.wrfalp.com\/?p=44042"},"modified":"2022-04-28T07:02:56","modified_gmt":"2022-04-28T11:02:56","slug":"former-welchs-building-sale-receives-loan-assistance","status":"publish","type":"post","link":"https:\/\/www.wrfalp.com\/former-welchs-building-sale-receives-loan-assistance\/","title":{"rendered":"Former Welch’s Building Sale Receives Loan Assistance"},"content":{"rendered":"
\"\"<\/a>

Chautauqua County Industrial Development Agency Board Meeting (April 26, 2022)<\/p><\/div>\n

The Chautauqua County Industrial Development Agency<\/strong> board has approved a loan request to the company buying the former Welch’s Building<\/strong> in Westfield.<\/p>\n

2 Portage LLC<\/strong> 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.<\/p>\n

The IDA also approved a $90,000 loan to International Ordnance Technologies<\/strong>. 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.<\/p>\n

A number of EDA (Economic Development Administration) CARES Act loan<\/strong> were approved by the IDA with the loans being used for working capital.<\/p>\n

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

IDA CEO Mark Geise<\/strong> 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.<\/p>\n

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<\/strong>‘ baseball game.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":22,"featured_media":44043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4],"tags":[11346,2974,10037,426,10741,5093,10252,9898,1382,1504,10257,8785],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2022\/04\/CCIDA-Bd-Mtg-4-26-22.png?fit=749%2C420&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3YlJ4-bsm","jetpack-related-posts":[{"id":50437,"url":"https:\/\/www.wrfalp.com\/welchs-building-redevelopment-moving-forward\/","url_meta":{"origin":44042,"position":0},"title":"Welch’s Building Redevelopment Moving Forward","author":"WRFA Radio","date":"March 2, 2023","format":false,"excerpt":"Redevelopment of the former Welch's Building in Westfield is moving forward. The Chautauqua County Industrial Development Agency said that 2 Portage LLC\u00a0is now the owner of the historic structure and will begin the rehabilitation and adaptive reuse of the 51,000 square foot building. 2 Portage LLC received a $475,000 AL\u2026","rel":"","context":"In "Local News"","block_context":{"text":"Local News","link":"https:\/\/www.wrfalp.com\/category\/news\/local-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2021\/12\/Welch-Building.png?fit=967%2C703&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2021\/12\/Welch-Building.png?fit=967%2C703&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2021\/12\/Welch-Building.png?fit=967%2C703&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2021\/12\/Welch-Building.png?fit=967%2C703&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":51533,"url":"https:\/\/www.wrfalp.com\/krog-group-receives-ida-loan-to-purchase-former-truck-lite-facility\/","url_meta":{"origin":44042,"position":1},"title":"Krog Group Receives IDA Loan to Purchase Former Truck-Lite Facility","author":"WRFA Radio","date":"April 26, 2023","format":false,"excerpt":"The former Truck-lite facility in Falconer is being sold to The Krog Group. 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IDA Business Development Manager Carol Rasmussen said Peter Krog plans to\u2026","rel":"","context":"In "Local News"","block_context":{"text":"Local News","link":"https:\/\/www.wrfalp.com\/category\/news\/local-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2023\/04\/Truck-Lite.jpg?fit=1049%2C495&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2023\/04\/Truck-Lite.jpg?fit=1049%2C495&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2023\/04\/Truck-Lite.jpg?fit=1049%2C495&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2023\/04\/Truck-Lite.jpg?fit=1049%2C495&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":41706,"url":"https:\/\/www.wrfalp.com\/redevelopment-of-former-welch-building-in-westfield-moved-another-step-forward\/","url_meta":{"origin":44042,"position":2},"title":"Redevelopment of former Welch Building in Westfield Moved Another Step Forward","author":"WRFA Radio","date":"December 22, 2021","format":false,"excerpt":"The former Welch Administration Building redevelopment project in the village of Westfield has moved another step forward. 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