IDA OKs Loan For Building Purchase
Another loan has been granted to a company looking to manufacture steel belt conveyors in the city of Jamestown.
During a recent meeting of the Chautauqua County Industrial Development Agency, board members approved a $154,000 loan to Falcon Acquisitions LLC so it could purchase the building at 111 Cheney St. The owner of the company is Douglas Scott Clark.
According to Carol Rasmussen with the county IDA, there’s about 20 leases in the building right now. There’s also seven offices inside.
She noted that the city of Jamestown supports the purchase. She said the Jamestown Local Development Corporation previously approved a $93,750 loan. The company has also received a $50,000 Community Development Block Grant and some other funding sources. The entire project is $472,500.
Rasmussen said Clark plans on using some of the space to manufacture conveyors. “He’s worked for 27 years in the conveyor business. He’s actually from Ohio and moved to the Jamestown area with his family. He’s been looking for a building for about a year and this one fits him perfectly,” she said.
During the meeting of the Jamestown Local Development Corporation it was announced that the development could create up to 20 new jobs.
The county IDA unanimously approved the loan request.