OBSERVE File Photo Pictured is the old Welch building in Westfield. A loan for a multimillion-dollar housing project was approved Tuesday by the Chautauqua County Industrial Development Agency.

A proposed housing project in downtown Westfield is moving forward.

At a Tuesday meeting of the Chautauqua County Industrial Development Agency, council members approved a loan for 2 Portage LLC, the former Welch building. The company wants to renovate the entire existing building and create a mix of affordable, market-priced residential apartments and commercial space for tenants. The project is led by Savarino Companies and RANT, LLC.

The building is currently owned by the Town of Westfield; 2 Portage LLC obtained approval for a loan of $475,000 for the acquisition of real estate.

Kristine Morabito, project manager at the county’s IDA, said the project is expected to cost $11.5 million.

A company official with 2 Portage LLC was present at the virtual meeting and said he was eager to continue with the project. “We recognize the importance this building has for the village, the city and the region,” he said.

Mark Geise, chief executive of the county’s IDA, called the building a “lyre pin” at Westfield, and expressed the importance of redeveloping it. “We’re just thrilled to have a developer of the caliber that Savarino and RANT bring.

We are delighted to be able to support the project,” he said.

The Al Tech loan is for a term of 20 years with an interest rate of 4%.

Attorney Milan Tyler noted that the payment in lieu of taxes proposal is still ongoing and will be presented to the IDA board in the future. The company is also waiting to hear its claim for historical tax credits. These will need to be finalized before any construction begins.

The resolution was adopted unanimously.

INTERNATIONAL PRESCRIPTION TECHNOLOGIES

In other cases, International Ordnance Technologies, Inc. was also approved for an Al Tech loan.

IDA County Project Manager Carol Rasmussen noted that the Jamestown-based company applied for a federal CARES Act loan for a piece of equipment, however, after obtaining that loan, the company’s oven fell. broken-down. For this reason, International Ordnance Technologies requested a $90,000 loan, which would be for seven years at 4% interest. The company also applied for $90,000 from the Jamestown Local Development Corporation and a $50,000 grant from the City of Jamestown.

IDA’s Board of Directors unanimously approved the loan.

According to the company’s website, International Ordnance Technologies Inc.’s goal is to continuously be the world’s leading manufacturer of machine gun links, ammunition magazines and other ammunition components on which ammunition suppliers matter. IOT has a completely integrated manufacturing process. Capabilities include, but are not limited to, metal stamping, wire forming, welding, assembly, heat treating, and a wide variety of metal finishes.