The Chautauqua County IDA Board has approved an Al Tech Loan for Lexington Machining to make upgrades to a warehouse it owns in Lakewood.
Project Manager Carol Rasmussen told the IDA Board that the $218,900 equipment loan would be used for two air-vac units at the facility on 201 Winchester Road. It’s a seven year loan with a 4% interest rate.
Rasmussen said the air-vac units will help the facility become more manufacturing ready.
She said the building had been vacant for 10 years, but that Bush Industries is now leasing 59% of the building, “Bush is excited about them getting this ready for manufacturing. They’re very happy to be there. They’re on a month to month lease, but right now they’re very happy with their lease and they would like to get on a permanent lease.”
Rasmussen added that Lexington Machining has put about $1 million into the building, “They’re very serious about this. They’ve put new lighting in, new roofing, new units, a couple of doors, crate doors, and so they’re very adamant about keeping this building and leasing it out.”
IDA CFO Rich Dixon brought up the fact that active environmental monitoring at the site has scared away a few buyers of the facility, but he’s excited to see the investment by Lexington Machining to turn it into manufacturing space.
EDITOR’S NOTE: As a point of transparency and disclosure to our audience, the Chautauqua County Industrial Development Agency is a corporate underwriter for WRFA and has provided a financial contribution for the general operations of the station within the past year. Funding we receive for General Operations is not used to fund our coverage of local news in the community. That is only made possible through a Community Service Grant from the Corporation for Public Broadcasting.