Chautauqua County Industrial Development Agency Board meeting (June 25, 2024)
An IDA loan is helping new owners take over a wedding venue in Frewsburg.
The Chautauqua County Industrial Development Agency board approved a $140,000 loan to Cole and Rachel Smith to purchase Ivory Acres from current owners John and Kelsey Volpe.
The Volpe’s opened the business in 2018 on an 18-acre former dairy farm at 191 Ivory Street. The Smiths plan to purchase the business and continue the wedding venue business with plans to renovate the facility in the future, including the possibility of constructing small cabins on the site. The loan is contingent on local bank financing and has terms of 20 years at 4% interest. The total project cost is $400,000.
The IDA board also approved a $574,316 loan to Gren Ventures, doing business as Arthur R. Gren Inc. in the Mason Industrial Park. The loan will be used to consolidate two existing loans dating back to 2013 when the company received loans to construct at 22,875 square foot building for its recycling and warehousing center. The loan consolidates the remaining balances from the IDA and bank loans into a 5-year loan at 4% interest.
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