JAMESTOWN – The Jamestown Post-Journal is reporting that the Chautauqua County Industrial Development Agency has approved a $450,000 Al Tech Revolving Loan Fund for a proposed condominium project in Mayville.
The IDA approved the loan for The Lodge At Chautauqua Lake during its monthly meeting on Tuesday.
The loan is being given to the project at 4% interest and will be paid back within 20 years.
Project Developer Ben Webb said the 27 condominium project is being built based on research that found there was significant interest by people who would want to stay and live there.
The estimated cost of the project is expected to be $18.3 million.
The board also gave preliminary approval to a Payment In Lieu Of Taxes agreement with S. St. George Enterprise Inc., a company that is looking to expand its Webster Road facility in Fredonia from 20,000 to 40,000 square feet. The PILOT agreement would be for 10 years and would save the company $167,000. A public hearing on the PILOT will take place at a later date.