JAMESTOWN – The effort to get a Canadian bus manufacturer to open a small production facility is getting help from the Jamestown Local Development Corporation.
On Wednesday the JLDC approved a $500,000 loan to Shults Real Estate. The funding will be used to help renovate the former Fluvanna Quality Markets into a production facility for New Flyer – a Canadian-based transit bus manufacturer.
Shults Real Estate purchased the former Quality Markets building in January, they have been working to transform the site.
According to the Post-Journal, once the $2.2 million renovation effort is completed, New Flyer will move into a portion of the building and begin production of parts used in bus manufacturing. The company is expected to employ 35 workers once it begins operation.
The $500,000 loan from the JLDC will be at 4.25 percent interest for 10 years. The project will also receive an IDA loan of $500,000, which is to be paid back at 4 percent interest over 20 years.