CCIDA Approves PILOT for Property Acquisition, Expansion of North County Business

Action will allow Wavepoint to acquire and upgrade local warehouse for distribution operation

SHERIDAN, N.Y. – The County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors has approved financial incentives for a local food distribution company, assisting it with the acquisition of property in the town of Sheridan.

Wavepoint is a business headquartered in North East, Pennsylvania, with local operations currently in the Village of Fredonia and the Chadwick Bay Industrial Park in the Town of Sheridan. The company plans to acquire and upgrade a 121,450 square foot existing warehouse and logistics hub, located at 3565 Chadwick Drive in the industrial park, in order to improve and expand its operations. In addition, Wavepoint has purchased an option on adjoining land to potentially expand the facility to take advantage of its rail access.

According to company representatives, this acquisition and expansion will not affect Wavepoint’s current operation in Fredonia, but will support the company’s overall growth, thereby helping it meet customer demand across the northeastern United States. Wavepoint currently employs 64 individuals in the north county. As a result of the project, an additional 20 new permanent jobs will be created within three years, along with approximately five temporary construction jobs.

To support the capital investment, estimated to total $6 million, the company will receive a 10-year payment in lieu of taxes (PILOT) assistance, providing a partial reduction on the increased assessment of the property resulting from the investment, along with a sales tax abatement and mortgage tax exemption. The PILOT agreement will require real property tax payments to the affected taxing jurisdiction, over the life of the project, in an amount of $860,595.

“This project is a great example of identifying an existing property in the County and upgrading it for an established business that is committed to staying here and providing additional jobs for our residents,” said Mark Geise, Chautauqua County Deputy County Executive for Economic Development and CCIDA CEO. “Wavepoint selected this property not only because of its direct access to the adjacent railroad, but also because it views our local labor force as ‘second to none.’ We are pleased to assist them in making this project a reality.”

“Our goal/ultimate usage of this facility would be for what we call a high velocity distribution center,” explained Matthew Reichert, Wavepoint’s legal representative. “That means manual labor and jobs. That means finished products going from the manufacturer to the facility, and from the facility to their various consumers.”

“This is another example of how the County and CCIDA are continuously working to preserve existing jobs and create new ones for our residents,” said Paul “PJ” Wendel, Chautauqua County Executive. “We are also very thankful to Wavepoint for making a major investment in our county, illustrating the faith they have in our local workforce.”

With the action by the CCIDA Board, Wavepoint can begin acquisition and renovation of the property, with a goal of completing the project by the end of summer, 2026.

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.