245 and 255 Fluvanna Avenue, Jamestown
The Chautauqua County Industrial Development Agency board approved loans for three businesses totaling $725,000 at its monthly meeting Tuesday.
The loan approved for Tim & Edmond, LLC was for $400,000 and will be used to assist in the upgrade of its facility at 245 and 255 Fluvanna Ave. in Jamestown. Tim and Edmond Shults – owners of Shults Real Estate and Tim & Edmond, LLC – have operated the real estate management company since 2007.
In 2016, they purchased the 60,000-Square-foot former Quality Markets location and received a use variance from the Jamestown Zoning Board of Appeals for light manufacturing in this location. The new upgrade project will help ensure the Fluvanna Avenue facility can accommodate additional manufacturing usage. Total cost of the upgrade is $1,020,000. The terms of the $400,000 CCIDA loan are 15 years and 4% interest.
The CCIDA Board also approved two loans totaling $225,000 for LINC to assist with the acquisition of Universal Tool Company (UTC), located at 4529 Route 60 in Gerry. LINC is a small, Native American-owned business and is certified as a New York State Minority and/or Women-owned Business Enterprise (NYS MWBE). It specializes in business development/technical sales; supply services for machine tools, tooling, and manufacturing equipment; supply services for raw materials; and subcontract services for manufacturing and construction. LINC is in the process of purchasing the assets of UTC, a full-service production computer numerical control (CNC) machining business. It is focused on injection mold tooling, tool and die, and contract manufacturing services.
UTC currently has three employees. Following the acquisition, LINC plans to retain the existing employees, hire two more within 30 days, and add approximately 20 more over the next five years. The terms of both loans are for seven years at 4% interest.
The CCIDA board approved a $100,000 working capital loan for ENI to fund the cost associated with increased work-in-process inventory, materials and supplies for increased production, and to provide contract financing for two major orders. ENI, located at 16 Mechanic Street in Silver Creek, specializes in building complex mechanical equipment, prototype components, and low volume production runs of specialized equipment for undersea, naval, and nuclear applications.
ENI currently has 44 employees and is planning to increase that number to 50. The loan’s terms are for five years at 4% interest.
In addition to the loan approvals, the IDA Board also approved a due diligence resolution for Wicked Jimmy’s LLC, involving a potential Tax Lease Payment in Lieu of Tax (PILOT) agreement. Wicked Jimmy’s LLC plans to purchase 115-121 West Third Street in downtown Jamestown, which is the site of the former Jamestown Brewing Company. Once open, it will operate as Wicked Warren’s. The due diligence resolution is not binding, but acknowledges the CCIDA will consider property tax, sales tax, and mortgage tax incentives for the $2.35 million project.
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