Jamestown Local Development Corporation board meets with members from Ramsay Agriculture and Shift Fynancial’s Alex Johnson (August 20, 2025)
Two Jamestown businesses have been approved for loans from the Jamestown Local Development Corporation.
Ramsay Agriculture was approved a $250,000 loan at 4% interest for 10 years. The funding is going toward stabilizing 41 Winsor Street. The total cost for the restabilization is estimated at $980,000 with the company contributing $700,000 toward the cost and private equity contributing $30,000.
Ramsay Agriculture plans to put vertical farming inside the building in addition to creating energy for the facility via anaerobic digestion.
JLDC Board member and Councilmember at Large Jeff Russell asked if the owners anticipate any pushback from New York State as part of the Climate Act due to the energy production involving the burning of methane gas.
Project Leader Ross Ramsay said they’ve brought up that issue with their engineers and architectural team as they will be the ones working on getting permits.
He said this isn’t the first project of its kind in New York State, citing a Gig Farm in Cobleskill, New York that will be using methane gas, “We’re going to capture the heat. The heat will actually help heat and cool the buildings. And the carbon that comes out of it will be sequestered into a system that’s actually going to make beverage-grade drinking water. So, we’re going to capture most of it and sell it with the rest sent into the farm in order to feed the plants. So, we’re almost going to have.. I’m not going to say 90.. I’ll say about an 80% capture rate. The rest will be dissipated out into the atmosphere.”
As the loan is over $100,000, it will next go before the Jamestown City Council for approval under new business on the agenda for Monday’s voting session.
The JLDC also approved a $75,000 loan with 4% interested over 10 years to Shift Fynancial Inc. for the purchase of 210 Pine Street. The building is the former location of Gialy’s Restaurant. The total cost of the purchase is $185,000.
Shift Fynancial is owned by Alex Johnson and provides employer-sponsored retirement plans, personalized financial planning, and investment management services. He said he’s been operating the business out of his home and has been looking for a space for client meetings.
Johnson said he sees an opportunity to use the former restaurant space as an events venue, “Or using the kitchen, if it can be refurnished, for caterers. I know I have one caterer who is ecstatic at the thought of this and would like to get in there to do pop-up events, selling dinners on Tuesdays or Thursdays for pick-up.. and coming to 210 Pine for the pick-up instead of trying to do it out of her home.”
Johnson said he doesn’t have a closing date at this point as the property has been in litigation. According to the State Supreme Court filings, Gialy’s LLC filed litigation in December 2024 alleging a broken contract when Locale Hospitality LLC, Matthew Dinger, and Morgan Zollman backed out of buying the former restaurant located on 210 Pine Street. That lawsuit was settled by July 2, with Dinger and Zollman being released from buying the property in return for paying Gialy’s LLC a total of $55,000.
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