MAYVILLE – The Chautauqua County Legislature on Wednesday approved a resolution allowing the Chautauqua County Industrial Development Agency to borrow up to $2 million to purchase the ConAgra building in Dunkirk.
The bonding resolution will allow the IDA to purchase and renovate the nearly 244,000 square foot from ConAgra. The plan is to prepare the site for another business that would then purchase it from the county.
When purchasing bonds, the county acts as the lender of funds to the agency, which will have two years to pay the $2 million back in full at an interest rate of 3 percent.
County Executive Vince Horrigan said there are a couple of prospective businesses the county is currently working with to purchase the facility but because negotiations are still ongoing he declined to provide any specific details, including any names. He did say that its likely an announcement will be forthcoming within the next six months.
The ConAgra building became available for sale earlier this year when the food processing manufacturing announced that it was pulling its operation out of the north county. A second facility – also located in Fredonia – will also be vacated by ConAgra. Horrigan said there is also interest for that space and the county is working with other economic development groups in the region to identify a business that can move into that space once ConAgra has completely moved out.
[…] year, the IDA issued a $2 million Bond that was purchased by Chautauqua County. County development officials said that by owning the facility, it would give them the opportunity […]