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Chautauqua County committee approves transfer of Hangar A, agrees to forgive remaining IDA bond balance
Summary
The Audit & Control Committee voted to confirm transfer of Hangar A at Jamestown Airport from the CCIDA to Chautauqua County and to retire an $81,371 IDA bond balance; county officials said the hangar’s value and marketing options make transfer prudent.
Chautauqua County’s Audit & Control Committee on Dec. 11 approved a resolution to confirm transfer of Hangar A at Jamestown Airport from the Chautauqua County Industrial Development Agency (CCIDA) to the county and to retire an outstanding bond tied to the property.
Mark Geist, deputy county executive for economic development and CEO of the IDA, told the committee the hangar was built in the mid-1990s using proceeds of a $252,000 IDA bond and that bond language restricts repayment to revenues derived from the project and limits recourse to the agency’s…
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