Shults Real Estate

Businesses in Jamestown, Gerry, and Silver Creek will help retain and grow job numbersJAMESTOWN, N.Y.: --- At its March 26, 2024 meeting, the County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors approved low-interest loans for three separate businesses totaling $725,000: Tim & Edmond, LLC; LINC Products & Services (LINC); and Excelco/Newbrook, Inc (ENI). The loans will not only help to retain existing positions but also lead to additional jobs being created in Chautauqua County. Tim & Edmond, LLC Loan The loan approved for Tim & Edmond, LLC was for $400,000 and will be used to assist in the upgrade of its facility at 245 and 255 Fluvanna Ave. in Jamestown. Tim and Edmond Shults - owners of Shults Real Estate and Tim & Edmond, LLC - have operated the real estate management company since 2007. In 2016, they purchased the 60,000-Square-foot former Quality Markets location and received a use variance from the City of Jamestown Zoning Board of Appeals for light manufacturing in this location. The new upgrade project will help ensure the Fluvanna Avenue facility can accommodate additional manufacturing usage. Total cost of the upgrade is $1,020,000. The terms of the $400,000 CCIDA loan are 15 years and 4% interest. LINC Loans The CCIDA Board also approved two loans totaling $225,000 for LINC to assist with the acquisition of Universal Tool Company (UTC), located at 4529 Route 60 in Gerry. LINC is a small, Native American-owned business and is certified as a New York State Minority and/or Women-owned Business Enterprise (NYS MWBE). It specializes in business development/technical sales; supply services for machine tools, tooling, and manufacturing equipment; supply services for raw materials; and subcontract services for manufacturing and construction. LINC is in the process of purchasing the assets of UTC, a full-service production computer numerical control (CNC) machining business. It is focused on injection mold tooling, tool and die, and contract manufacturing services. UTC currently has three employees. Following the acquisition, LINC plans to retain the existing employees, hire two more within 30 days, and add approximately 20 more over the next five years. The terms of both loans are for seven years at 4% interest. ENI Loan ENI, located at 16 Mechanic St. in Silver Creek, specializes in building complex mechanical equipment, prototype components, and low volume production runs of specialized equipment for undersea, naval, and nuclear applications. The CCIDA board approved a $100,000 working capital loan for ENI to fund the cost associated with increased work-in-process inventory, materials and supplies for increased production, and to provide contract financing for two major orders. ENI currently has 44 employees and is planning to increase that number to 50. The loan’s terms are for five years at 4% interest. “The IDA’s low-interest loan program is intended to offer assistance to companies that want to invest in our communities and local workforce, and each of the loans approved today by our Board of Directors do just that. We’re excited to see these three businesses invest in Chautauqua County and offer new employment opportunities in Jamestown, Gerry, and Silver Creek,” said Mark Geise, Deputy County Executive for Economic Development and CCIDA CEO. Wicked Jimmy's Due Diligence PILOT Resolution In addition to approving loans for three separate businesses, the CCIDA Board of Directors also approved a due diligence resolution for Wicked Jimmy’s LLC, involving a potential Tax Lease Payment in Lieu of Tax (PILOT) agreement. As announced by the CCIDA in January, Wicked Jimmy’s LLC will purchase property at 115-121 West 3rd St. in Jamestown, the site of the former Jamestown Brewing Company. Once open, it will operate as Wicked Warren’s. The due diligence resolution is not binding, but acknowledges the CCIDA will consider property tax, sales tax, and mortgage tax incentives for the $2.35 million project. Specific details of the proposed incentives will be provided as part of a future public hearing (date to be determined), followed by an approving resolution to be acted on by the board at a future meeting. 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.