The Chautauqua County Industrial Development Agency board has approved a loan request to the company buying the former Welch’s Building in Westfield.
2 Portage LLC requested a $475,000 loan for the real estate acquisition. The Al Tech Revolving Loan fund loan has terms of 20 years at 4% interest. The project will be an adaptive reuse of the building with the total project cost of $11.5 million.
The IDA also approved a $90,000 loan to International Ordnance Technologies. The loan goes toward the repair a heat-treat furnace which had broken down. IOT manufactures machine gun links. The Jamestown Local Development Corporation approved a $90-thousand dollar loan for the same project at its meeting earlier this month.
A number of EDA (Economic Development Administration) CARES Act loan were approved by the IDA with the loans being used for working capital.
The businesses that had loan requests approved include:
– $41,000 for Merritt Estate Winery to buy juice to make wine for this season
– $125,000 for Artone Manufacturing LLC to assist with hiring and bringing on new employees
– $100,000 for Heritage Ministries to help with costs related to COVID test purchases and new equipment
– and $100,000 for Labyrinth Press Company to be used for hiring and training new employees.
IDA CEO Mark Geise informed the IDA board that in-person meetings will resume in May with meetings still being available over livestream on the IDA’s YouTube Page.
He also announced that in honor of the CCIDA’s 50th Anniversary that the IDA has bought out Diethrick Stadium for the June 30th Tarp Skunks‘ baseball game.