Members of the Jamestown Local Development Corporation will meet Wednesday. One of the items on the agenda is approval of a request to use federal ARPA funding that had been approved for a business incubator program on the Prendergast Landing project at 106 E. Fairmount Ave.

The project was discussed last year by the county IDA. Rahsann Graham with Jade Empire LLC wants to turn the 12,00 square foot building into a family-friendly destination that will have water sports rentals, office space, vacation rentals and other rental sales. The project is expected to cost $2,231,300.

IDA officials had been asked to approve tax breaks for the project.

Graham bought 106 Fairmount Ave. in November 2020. Graham said he wants the building to be used like a “business incubation” center, where small businesses can start there and eventually leave to another area in the city. “The idea for the business is … if you’ve outgrown the street fair downtown, but you’re not ready to lock into a full lease in another building, yet,” Graham told IDA board members.

Rahsann Graham, center, discusses his plans for 106 Fairmount Ave., Jamestown. P-J file photo by Gregory Bacon

The basement area, which is different from the office areas, would have kayak storage and rentals. The top area would be for short term rentals. Graham said he is hoping to have an anchor tenant who will specialize in skate and bicycle repairs. He also wants to have a restaurant there.

Jade Empire LLC is applying for a 15-year adaptive reuse Payment In Lieu Of Taxes agreement, along with sales tax abatement and property tax abatement. The county IDA Board of Directors passed a “due diligence” resolution, which allows the IDA staff to begin examining potential tax break agreements, investigate environmental impacts, and hold a public hearing. The project would need to come back to the IDA Board of Directors for any tax breaks to be authorized.

The project has also received $187,500 from the state.