STEL

Funding comes from CCIDA’s new Brownfield Revolving Loan FundJAMESTOWN, NY -- The County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors approved its first loan from a newly established Brownfield Revolving Loan Fund (BRLF) for brownfield cleanup and redevelopment. Southern Tier Environments for Living (STEL) was approved for a $325,000 low-interest loan that will help jumpstart the Gateway Lofts project at 31 Water Street in Jamestown. Loan funding will help with STEL’s urgent need to install a sub slab depressurization system, which is required by the New York State Department of Environmental Conversation before development can take place. The Gateway Lofts project will transform the Gateway Center, the former Chautauqua Hardware factory, into a 110-unit, multi-family affordable housing complex, which will be anchored by supportive wrap-around services. The $67 million project is a collaboration among Community Helping Hands, the YWCA of Jamestown, and STEL. STEL is hopeful that the overall project financing will be finalized in the coming months, with construction anticipated to begin in mid-to-late 2025. Deputy County Executive for Economic Development and CCIDA CEO, Mark Geise stated, “This type of project aligns perfectly with the intended purpose of the new BRLF, which is to provide critical gap financing to ensure complicated brownfield remediation and redevelopment projects can come to fruition. While this is a complex project, we’re excited to see it moving forward, and we hope our assistance will help get it over the finish line.” According to Tom Whitney, Executive Director of STEL, the Project was ready to close on all sources of financing in April 2020. Unfortunately, due to the Covid-19 pandemic, the tax credit investor for the project pulled out. Inflationary factors contributed to a much higher overall project cost; however, STEL has the project back on track with all required local approvals obtained and a new investor on board.  “We are incredibly thankful to the CCIDA for providing critical financing for the environmental-cleanup and monitoring components of this project while we wait for New York State Brownfield Tax Credits to become available,” said Whitney.  “We’re hopeful that with this challenge addressed, we can button up the remaining project components and move to construction next year.”  This project marks the second time the CCIDA and STEL have collaborated in the last year. In 2023, STEL and their partner, Park Grove Development, took over as the developer of the Silver Creek High School property in the village of Silver Creek. That project, which involves the demolition of the derelict former school building and the development of 54 affordable senior housing units, is slated to close and move forward by the end of 2024. “STEL has been a great partner of the CCIDA in redeveloping key properties of community importance, delivering more affordable housing opportunities, and eliminating blight in Chautauqua County, all of which align with our economic development goals,” said Geise. “I can’t thank Tom Whitney and his team enough for their determination in making these complicated projects realities.” In 2019, Chautauqua County and the CCIDA re-engaged in brownfields redevelopment activities to improve blighted and underutilized areas in the County, improve the health and safety of its citizens by cleaning up contaminated sites, increase the County’s tax base, spur job creation, and where applicable, kick-start revitalization activities within neighborhoods throughout the municipalities in the County. The CCIDA was able to establish its BRLF in 2023 after it applied for and received a $600,000 United States Environmental Protection Agency (EPA) grant in late 2022 to initiate this program. Coupled with funding the CCIDA received from Chautauqua County, the Agency’s BRLF was established to provide loans to for-profit and non-profit developers, and subgrants to municipalities to facilitate brownfield remediation and redevelopment of key properties. Being accepted into this program also places the CCIDA in a favorable position to secure supplemental EPA resources to replenish the fund as more loans are made. “It was imperative Chautauqua County Government support the establishment of the CCIDA’s Brownfield Revolving Loan Fund,” said Paul “PJ” Wendel, Chautauqua County Executive. “Like so many other municipalities in the Northeast, there is a long list of legacy industrial sites in Chautauqua County that need attention and remediation. This fund will help in that effort and, as a result, help to grow and strengthen our local economy as we continue to move forward.” Since its inception in 1995, EPA’s investments in brownfield sites have leveraged more than $35 billion in cleanup and redevelopment activities, which has led to significant benefits for communities across the country. The CCIDA was one of only 17 awardees across the Unites States to receive a Revolving Loan Fund grant to establish the program. 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.

Silver Creek Apartments Project will Remove Derelict School Building, Construct New Housing UnitsSILVER CREEK, NY: — At its February 27, 2024 meeting, the County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors approved incentives to Silver Creek Apartments, LLC. The incentives, which include a Payment In Lieu of Taxes (PILOT) agreement along with exemptions for both sales and mortgage tax payments, will assist the company with a multi-million dollar project to remove and redevelop the abandoned, former Silver Creek High School building at 60 Main St. in the village of Silver Creek and Town of Hanover. The building has sat vacant for more than 40 years and while several attempts to renovate it have been made during that time, those efforts were unsuccessful. In October 2023, representatives from Southern Tier Environments for Living, Inc. (STEL) and Park Grove Development, LLC appeared before the CCIDA board to provide initial details of the new Silver Creek Apartments project. Under those plans, the developers would demolish the long-abandoned, three-story school building (57,070 square feet) and replace it with a three-story, 50,574 square-foot apartment building. “The abandoned school really does send the wrong impression of what Silver Creek is,” said Allen Handelman, Vice President of Park Grove Development. “So this project goes a long way towards both providing affordable housing for members of the community, but also sending a message for the people that live in Silver Creek and people that visit there that this is a growing community that is poised to reach its full potential.” The demolition would include long-needed environmental remediation, including the removal and disposal of hazards including asbestos, PCBs, and lead paint. Once constructed, the new apartment building would provide 54 safe and affordable apartments for seniors age 62 and up, with 15 units set aside for supportive housing. Of those units, 51 would be one-bedroom apartments, and three would be two-bedroom apartments. Within the building there would also be a community room, fitness room, laundry facilities and an onsite property management office.  The facility would also include a large parking lot for up to 70 vehicles, along with a patio and shed. The project would provide 180 construction jobs and, once complete, 4.75 full-time equivalent jobs. The total cost would be $20,155,262, with the project also receiving $1 million in assistance from the village’s Restore NY award. Developers have also applied for additional financial support from New York State Homes and Community Renewal (HCR) in the form of housing credits and are awaiting notification on whether or not they will receive those credits. “We are applying for funding from HCR and it’s a very competitive process. When it comes to scoring projects, the benefits that the IDA has the ability to provide will keep our development budget competitive and viable, when compared to other projects coming in from across the state. So a competitive PILOT from CCIDA is critical in terms of scoring and increasing our chances of receiving additional state funding,” said Ashley Switzer, STEL Project Manager. In December 2023, the CCIDA held a public hearing on the project and its related financial assistance, with Silver Creek Mayor Jeff Hornburg speaking in favor of the project. A letter of support was also provided by Louis Pelletter, Silver Creek Village Historian and newly elected Hanover Supervisor. No opposition to the project was expressed. “As we all know, the old Silver Creek High School has been abandoned and vacant for many decades. There have been several attempts over the years to renovate and preserve the building – including as recently as 2022, but it never worked out,” said Mark Geise, Deputy County Executive for Economic Development and Chief Executive Officer of the CCIDA. “Now we’re looking at a project that involves the demolition of the old school building, and developing a brand new facility. I couldn’t be more thrilled about it. If we can make this work it will fulfill a need in the community, while removing an unsightly and dangerous influence in the community.” “The village is excited to see another effort involving the former school building moving forward,” said Mayor Hornburg. “Due to the limited availability of housing units in our community, many of our local seniors have had to leave the area in order to find adequate housing and services. This project will not only help to remove an eye-sore in the heart of our village but also finally offer additional modern housing for our older population.” “We are very happy to see STEL and Park Grove Development come back to the table with this new plan. That building has sat vacant for many years, in spite of efforts to do something with it. We never gave up hope on that site and now new development is looking more and more like a reality,” said Paul “PJ” Wendel, Chautauqua County Executive. “This is an effort I’ve championed for more than a decade. Even as previous efforts fell through, I never gave up on the potential of this project and have remained engaged in the efforts to bring it to fruition,” said State Senator George Borrello, who previously served as Chautauqua County Executive and also as a representative of Silver Creek and Hanover in the Chautauqua County Legislature. “The affordable senior housing that is planned represents the culmination of a long-held vision and is a huge ‘win’ for our seniors, the Silver Creek community and Chautauqua County. My thanks go out to all the public and private sector partners who played a role in this great outcome.” The CCIDA-approved PILOT agreement is for 30 years and will result in payments to the Village of Silver Creek, Town of Hanover, Silver Creek Central School District, and Chautauqua County totaling $347,486. Silver Creek Apartments will also save up to $497,261 in sales tax and an additional $191,574 in mortgage recording tax. Construction on the project is expected to begin later in 2024. 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. They facilitate 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.