Overhead view of Wavepoint 3PL Inc.’s planned expansion in Chadwick Bay Industrial Park
The Chautauqua County Industrial Development Agency has approved financial incentives for a local food distribution company, assisting it with the acquisition of property in the town of Sheridan.
Wavepoint 3PL Inc. is a business headquartered in North East, Pennsylvania, with local operations currently in the Village of Fredonia and the Chadwick Bay Industrial Park in the Town of Sheridan. The company plans to acquire and upgrade a 121,450 square foot existing warehouse and logistics hub, located at 3565 Chadwick Drive in the industrial park, in order to improve and expand its operations. In addition, Wavepoint has purchased an option on adjoining land to potentially expand the facility to take advantage of its rail access.
According to company representatives, this acquisition and expansion will not affect Wavepoint’s current operation in Fredonia. Wavepoint currently employs 64 individuals in the north county. As a result of the project, an additional 20 new permanent jobs will be created within three years, along with approximately five temporary construction jobs.
To support the capital investment, estimated to total $6 million, the company will receive a 10-year payment in lieu of taxes (PILOT) assistance, providing a partial reduction on the increased assessment of the property resulting from the investment, along with a sales tax abatement and mortgage tax exemption. The PILOT agreement will require real property tax payments to the affected taxing jurisdiction, over the life of the project, in an amount of $860,595.
Wavepoint has a goal of completing the project by the end of summer 2026.
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