Hideaway Bay Project Awarded Loan
SILVER CREEK — The developers of the Hideaway Bay Resort have been awarded a loan to help them move forward with their project.
During a recent meeting of the Chautauqua County Industrial Development Agency, board members approved a $428,835 loan through the Al Tech Revolving Loan Fund.
“The purpose would be for real estate acquisitions/development, furniture fixtures and/or equipment, and/or working capital, with loan terms 20 years for acquisition and development, 7 years for furniture and fixtures ad/or equipment, 5 years for working capital, all at 4% interest,” explained Kristine Morabito, business development manager for the county IDA.
Morabito noted that the Hideaway Bay Resort is a $1.4 million high end camping and recreation resort in Silver Creek. It will feature 10 waterfront cottages, a restaurant-bar and event space, and four seasons of diverse world-class active and passive recreation opportunities.
Representatives were not in attendance during the recent virtual county IDA meeting, but they have appeared in the past multiple times and had been awarded a Payment In Lieu Of Taxes agreement.
The board unanimously approved the loan.
During previous presentations, county officials said the project is expected to create 30 full-time jobs and another 30 construction jobs. At the time the PILOT was awarded over the summer, developers said they wanted to start construction in the fall and have it open in the spring of 2022.
County IDA Director Mark Geise said they marketed the property for years before they could find the right concept. “We’re all on board with this project and I think it’s a good outcome for the community,” he said.