The City Council held a joint session with the Jamestown Local Development Corporation, providing an opportunity for Summit Wealth Management, Panache and Labyrinth to present an overview of how they would utilize the American Rescue Plan Act grant funding provided under the city’s Business Expansion and Building Acquisition program. Pictured, from left, are Elliot Raimondo, corporation counsel, Tim O’Dell, grants manager, Mayor Eddie Sundquist and City Council President Anthony Dolce, R-Ward II. P-J photo by Timothy Frudd

The City Council held a joint session with the Jamestown Local Development Corporation during Monday night’s work session meeting to discuss three potential American Rescue Plan Act grant recipients.

Last month, the City Council tabled three resolutions that would have designated substantial ARPA funding for three local businesses under the Business Expansion and Building Acquisition program.

At the time, City Council President Anthony Dolce, R-Ward II, announced that the City Council would hold a joint session with the JLDC to consider each of the three businesses and their grant applications.

During Monday’s voting session, Summit Wealth Management, Panache and Labyrinth presented their proposed applications to City Council members and answered any questions raised by each of the council members.

According to statistics shared by Tim O’Dell, grant manager, the return on investment for Jamestown regarding the Business Expansion and Building Acquisition program includes revitalizing buildings that were previously vacant, keeping businesses and services in the Jamestown community and raising the city’s employment rate.

Based on information provided by O’Dell, Labyrinth currently employs 14 full-time staff members and 11 part-time staff members, Panache employs nine full-time staff members and nine part-time staff members and Summit Wealth Management employs 10 full-time staff members and three part-time staff members.

The city administration believes that by investing in each of these businesses, Labyrinth, Panache and Summit Wealth Management will be able to continue to make a positive impact on the Jamestown community.

The JLDC board previously approved each of the three applications, along with other applications under the program; however, because the grant applications for Labyrinth, Summit Wealth Management and Panache each are over $100,000, the City Council is required to provide final approval.

The City Council is expected to vote on each of the remaining three Business Expansion and Building Acquisition grant resolutions during next week’s voting session.