CCIDA OKs preliminary agreement for new hotel
Progress is being seen regarding a brand new, four-story Holiday Inn Express right off the Southern Tier Expressway.
As part of a recent Chautauqua County Industrial Development Agency Board of Directors meeting at the SUNY Fredonia Incubator in Dunkirk, the board voted to approve a resolution taking preliminary action toward the acquisition and straight leasing of the project, which is proposed by Boxwood Hotel, LLC.
Chief Financial Officer Richard Dixon said the hotel will have 75 rooms and will cost $4.9 million to construct.
“This project will be right next to the Hampton Inn in the town of Ellicott off of Route 60 and the I-86’s Exit 12 ramp,” he said. “(After this resolution is approved), we will be going out and doing a seeker along with sending some documentation to Mr. Patel, doing a bit more investigating into the project.”
The new hotel is being put forward by Ramesh and Jayj Patel, who own a number of hotels in Western New York, including the Ellicott Hampton Inn and the Best Western in the city of Jamestown.
“Both of those hotels are doing well and we think there is a need for another hotel there,” Jayj Patel said. “This will be north of the Hampton Inn, right off the (I-86) exit ramp. We would like to get this approved right away because we do want to, within three to six months … gather all necessary approval and go ahead with our project.”
Patel also stated Boxwood has secured a licensing agreement with Holiday Inn Hotels and was given anywhere from a year to a year and a half to break ground, as per the agreement.
“From Erie to Corning, there is nothing we can really see as a multiple-hotel exit right off the I-86,” Patel said. “People would much rather find a hotel right off the expressway rather than drive around to find one.”
A public hearing for the hotel is scheduled for today at 5 p.m. in the Ellicott Town Administration Building in Falconer. After the public hearing is held, the board will decide if it should give tax abatement incentives for the project to Boxwood Hotel.
Also during the meeting, the board re-approved the acquisition and straight leasing of a project for the Southern Tier Brewing Company, Inc. The original intent of the project was to build a waste treatment facility for the company.
“We actually did approve this project at a prior meeting, but since the time of that approval, the project has increased in size,” Councilman Jonathan Taber said. “The building size was originally calculated to be 22,500 square feet and that’s now increased to 45,000 square feet. This is basically approving that project again with the new project description.”
The board also approved a resolution authorizing the CCIDA to take action on the defeasance and redemption of revenue bonds issued in 2000 and 2001 for the benefit of Jamestown Center City Development Corporation, which oversees the Jamestown Savings Bank Ice Arena.
“They’re looking to refinance those bonds,” Dixon said after the meeting. “It’s very much of a formality. It’s helpful to the ice arena because … the interest rates are lower and they can save some money.”
The next board meeting is scheduled for Sept. 17 at 10 a.m. in the CCIDA offices in Jamestown.
Comments may be sent to firstname.lastname@example.org