Loading...

CCIDA Board Approves Loans Totaling $ 714,316 for Two Business

Submitted by Justin Gould on Wed, 06/26/2024 - 09:59

JAMESTOWN, N.Y. – At its June 25, 2024 meeting, the County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors approved low-interest loans for two businesses totaling $714,316: Ivory Acres Weddings, LLC (Town of Carroll) and Gren Ventures, LLC (Town of Ellicott).

Gren Ventures, LLC

The CCIDA Board approved a $574,316 loan to Gren Ventures, doing business as Arthur R. Gren, Inc., located at 1886 Mason Drive. Arthur R. Gren Company was incorporated in 1954, serving Chautauqua County as a private company wholesale distributer of beer and non-alcohol products. The loan will be used to consolidate two existing loans dating back to 2013, when the company constructed a 22,875 square foot building for its recycling and warehousing center. At the time, Gren Ventures received an Al Tech Loan from the CCIDA for the project, along with a bank loan. Since the bank notified the Grens that they would not be renewing their loan, the Grens were forced to find other financing to fill this void. By consolidating the remaining balances from the CCIDA and bank loans, the CCIDA will move into a first lien position on the real-estate. The term of the loan is five years at 4% interest.

“The Gren Ventures loan is a win-win-win for the community, the CCIDA, and the Grens,” said Mark Geise, Deputy County Executive for Economic Development and Chief Executive Officer of the CCIDA. “Through this consolidation, the jobs will be retained, the CCIDA will move into first position on the property assets, and the Gren’s will have lower monthly payments.”  

Ivory Acres Loan

The loan approved for Ivory Acres was for $140,000 and will be used to assist Cole and Rachel Smith with purchasing the business from the current owners, John and Kelsey Volpe, along with undertaking renovations. Ivory Acres was opened in 2018 by the Volpes after purchasing an 18-acre dairy farm at 191 Ivory Street, Frewsburg a year earlier. Since 2018, it has operated as a successful wedding and event center, selling out each season. The Smiths plan to purchase the business and continue to offer the venue to customers from inside and outside of Chautauqua County. Future plans involve renovations to update the facility, with a future outlook of building small cabins on the site. Contingent on local bank financing, the CCIDA will assume a second lien position. The term of the CCIDA loan is 20 years at 4% interest for this $400,000 project.

“We are pleased to support the transfer of ownership of Ivory Acres to the Smiths, ensuring it will continue to operate and serve the public as a beautiful and viable local wedding destination with potential for future development at the site,” Geise said.

About CCIDA - The CCIDA is an economic development organization authorized and empowered by the State of New York to make Chautauqua County a better place to work, live, and visit. It facilitates development by attracting new businesses, while promoting the retention and expansion of existing businesses. Assistance in the form of incentives – tax abatements, low interest loans, and bond financing – enhances the opportunities for job creation and retention by our businesses. For more information visit ChooseCHQ.com.

 

News Categories

Events Feed

Chautauqua County Ethics Board Meeting