GGLDC APPROVES LOAN FOR YANCEY’S FANCY
Written by Alex Feig on November 2, 2018
BATAVIA, NY – 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 November 1st board meeting.
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 sq. ft. 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 sq. ft. 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.