OBSERVER File Photo Pictured is the former Welch building in Westfield. A loan for a multi-million dollar housing project was approved Tuesday by the Chautauqua County Industrial Development Agency.

A proposed housing project in downtown Westfield is moving ahead.

During a meeting Tuesday of the Chautauqua County Industrial Development Agency, board members approved a loan for 2 Portage LLC, the former Welch Building. The company wants to renovate the entire existing building and create a mix of affordable and market rate residential apartments and commercial tenant space. The project is being headed by Savarino Companies and RANT, LLC.

The building is currently owned by the town of Westfield; 2 Portage LLC was approved for a $475,000 loan for real estate acquisition.

Kristine Morabito, project manager with the county IDA, said the project is expected to cost $11.5 million.

A company official with 2 Portage LLC was in attendance at the virtual meeting and said they’re looking forward to moving ahead with the project. “We recognize the importance that this building has to the village, the town town and the region,” he said.

Mark Geise, county IDA chief executive officer, called the building a “lynch pin” in Westfield, and expressed its importance to have it redeveloped. “We’re just thrilled that we have a developer of the caliber that Savarino and RANT brings.

We’re thrilled that we can support the project,” he said.

The Al Tech loan is for 20 years with a 4% interest rate.

Attorney Milan Tyler noted that the Payment In Lieu Of Taxes proposal is still in the process and will be brought before the IDA board of directors in the future. The company is also waiting to hear about its application for historic tax credits. Those will need to be finalized before any construction begins.

The resolution was passed unanimously.

INTERNATIONAL ORDNANCE TECHNOLOGIES

In other business, International Ordnance Technologies, Inc. was also approved for an Al Tech loan.

County IDA project manager Carol Rasmussen noted that the Jamestown-based company had applied for a federal CARES Act loan for a piece of equipment, however, after getting that loan, the company’s furnace broke down. Because of this, the International Ordnance Technologies requested a $90,000 loan, which would be for seven years at 4% interest. The company has also requested a $90,000 from the Jamestown Local Development Corporation, and a $50,000 grant from the city of Jamestown.

The IDA board of directors unanimously approved the loan.

According to the company website, the goal of International Ordnance Technologies Inc. is to continually be the world’s No. 1 machine gun link, ammo clip, and other ammunition component manufacturer that ammunition suppliers rely upon. IOT has a completely integrated manufacturing process. Capabilities include, but are not limited to, metal stamping, wire forming, welding, assembly, heat-treating and a wide variety of metal finishing.