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November 2, 2018 - 10:33am

Gateway LDC approves loan and two property sales

posted by Howard B. Owens in GGLDC, GCEDC, news, business.

Press release:

The Genesee Gateway Local Development Corporation (GGLDC) approved a revised and consolidated loan and two purchase and sale agreements for parcels in the Gateway II Corporate Park at the corporation’s Nov. 1st board meeting.

Artisinal cheesemaker Yancey’s Fancy requested the revision and consolidation of a January 2017 loan for an expansion project at the company’s Town of Pembroke facility. A $233,449 loan from the GGLDC’s Revolving Loan Fund #2 will close out the fund in its entirety and will be consolidated with two outstanding loans totaling $340,000.

The GGLDC also approved the sale of a 22.2-acre parcel of land at the Gateway II Corporate Park in the Town of Batavia to Mega Properties Inc. which plans to build a 60,000-square-foot facility.  

Wellsville Carpet Town Inc. received approval from the GGLDC to purchase a 2.9-acre parcel of land also located in the Gateway II Corporate Park. Wellsville Carpet Town plans to construct a 15,000- to 20,000-square-foot facility for an outlet center at the site. A purchase and sale agreement set the land price at $45,000 per acre. The company owns Ashley HomeStore, a business also located in the Gateway II Corporate Park.

Both Mega Properties Inc. and Wellsville Carpet Town Inc. may seek incentives from the Genesee County Economic Development Center (GCEDC) in the future.

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