County IDA OKs Loans For Waste Service Firm
MAYVILLE — Two loans have been approved by the Chautauqua County Industrial Development Agency to assist a county-based waste services business.
On Tuesday, the IDA board approved an Al Tech Revolving Loan Fund and Chautauqua Revolving Loan Fund for Beichner Waste Services during its regular monthly meeting.
Linda Burns, IDA business development manager, said the business is using the two loans, totaling $150,000, to assist with a company transition. She said one business partner, Sean Dixon, is buying out another partner, John Beichner, in the business. She added that the Al Tech Revolving Loan Fund will be for $100,000 and the Chautauqua Revolving Loan Fund is for $50,000. Both loan terms include 4% interest for seven years.
Burns said Beichner and Dixon, who had both worked previously for Casella Waste Services before starting Beichner Waste Services, started the business in 2013. She said in 2014, the business received loans from the IDA, which were paid back in full and on time.
In other IDA business, the board passed a resolution approving the Chautauqua County LEAD program. The board approved the resolution after an executive session. No discussion occurred about the LEAD, also known as Local Economic Assistance and Development, program during open session prior the board approving the resolution.
After the meeting, Mark Geise, IDA CEO, said the LEAD program allows for the IDA’s Transaction Committee to approve sales tax exemption that are less than $99,000 for development projects. He said the program assist developers to receive sales tax exemption approval for projects quicker and other state IDAs also participate in the program.