SILVER CREEK – The developers at Hideaway Bay Resort have secured a loan to help them move their project forward.
At a recent meeting of the Chautauqua County Industrial Development Agency, board members approved a loan of $ 428,835 through Al Tech’s Revolving Loan Fund.
“The goal would be for real estate acquisitions / developments, furniture and / or equipment, and / or working capital, with loan conditions of 20 years for acquisition and development, 7 years for furniture and equipment and / or equipment, 5 years for capital labor, all at 4% interest ”, explained Kristine Morabito, Business Development Manager for IDA County.
Morabito noted that the Hideaway Bay Resort is an upscale $ 1.4 million camping and recreation resort in Silver Creek. It will include 10 waterfront cabins, a restaurant-bar and event space, and four seasons of various world-class active and passive recreation opportunities.
Representatives were not present at the recent county IDA virtual meeting, but have appeared several times in the past and secured a payment in lieu of taxes agreement.
The board unanimously approved the loan.
In previous presentations, county officials said the project is expected to create 30 full-time jobs and another 30 construction jobs. By the time the PILOT was awarded over the summer, the developers said they wanted to start construction in the fall and open it in the spring of 2022.
County IDA Director Mark Geise said they had marketed the property for years before they could come up with the right concept. “We all agree with this project and I think it’s a good result for the community” he said.