Ramsey Agriculture’s building at 40 Winsor St. is pictured. The company was recently approved for a $100,000 JLDC loan. P-J file photo

The Jamestown Local Development Corporation has approved a loan request from Ramsay Agriculture, a hydroponic farming operation looking to take up residence at two locations in the city.

Ramsay Agriculture has been working on preparing their two locations — 65 River Street and 40 Winsor Street — and the loan from the JDLC is set to help with stabilization of the Winsor Street location. The business presented the details of their project to the JDLC during their last meeting, and at their most recent meeting where the loan was approved they began by discussing having a new investor interested and getting the Board of Public Utilities up to speed on everything they’re doing.

The loan will be for $250,000 at four percent interest over 10 years. A question was raised by JDLC member and councilman, Jeff Russell, R-At Large, as to whether the state may give Ramsay Agriculture a hard time following the state’s Climate Act, as the energy production involved with the business also involves the burning of methane.

Project leader, Ross Ramsay, said they have their engineers looking into that right now, and mentioned a similar farming operation in Cobleskill that will be doing similar work. He said the methane produced will largely be captured back by Ramsay Agriculture for heating purposes.

“The heat will actually help heat and cool the buildings,” Ramsay said. “The carbon that comes out of it will be sequestered into a system that’s actually going to make beverage-grade drinking water. So, we’re going to capture most of it, and sell a little bit, and the rest will be sent into the farm in order to feed the plants in the evening.”

The overall capture rate is at about 80%, he added. The rest will dissipate out into the atmosphere and Ramsay said he believed they should be able to meet all required regulations.

The JDLC briefly talked about the four percent pay back rate before officially approving the loan. As the loan is over $100,000 it also requires approval from City Council, and was added to the agenda for Monday’s meeting.

The hydroponic farm operation is also looking into acquiring more parcels around the 40 Winsor Street site. This was mentioned the last time they came before the JDLC, that they would be looking at the surrounding parcels and working to piece all of those together from the parcels owned by JURA, the Chautauqua County Landbank, the city and a few privately owned.

“Some of this approved funding once it’s approved will help with acquisition costs and of course, building stabilization,” Director of Development Crystal Surdyk said.