The former Welch Administration Building redevelopment project in the village of Westfield has moved another step forward.
The Chautauqua County Industrial Development Agency Board approved a PILOT and tax lease incentives for adaptive re-use of the $11.5 million project being undertaken by 2 Portage, LLC. This includes real property, sales tax, and mortgage recording tax abatements.
The entire 48,000 square foot building will be renovated to create a mix of residential apartments and commercial tenant space.
Subject to additional approvals needed, acquisition is anticipated in 2022 with an 18-month construction period and an estimated occupancy in mid-2024.
The IDA board also approved a $154,000 Al-Tech Loan to Falcon Acquisitions.
The loan is part of a $472,500 finance package for the purchase and renovation of 111 Cheney Street by Falcon Conveyor Owner Scott Clark. Clark plans to open a steel belt conveyor manufacturing facility. The Jamestown Local Development Corporation approved a $93,750 loan in November and the Greater Jamestown Empire Zone Capital Corporation approved a $50,000 loan as well for the project.