Ed Shults Chevrolet-Cadillac continues to make improvements.
Ed Shults Chevrolet-Cadillac is looking to borrow $200,000 from the Jamestown Local Development Corporation to finish its $1 million renovation and expansion at 300 Fluvanna Ave.
The loan approval was presented to the Finance Committee on Monday because as the amount is more than $100,000, it requires approval from City Council. Ed Shults Chevrolet-Cadillac submitted an application to the JLDC for a loan of $200,000 through the Jobs and Private Investment Loan Program.
Ed Shults Chevrolet-Cadillac is looking to borrow $200,000 from the Jamestown Local Development Corporation to finish it’s $1 million renovation and expansion at 300 Fluvanna Ave.
P-J photo by Hilary Scott
"(The Shults Auto Group) has been a very good participant in the JLDC program and they've been on with an exemplary record for repaying all loans," said Councilman Vince DeJoy, D-Ward 4. "We're glad to assist them in continuing to expand and grow in Jamestown and be a part of economic development here."
The improvements are in compliance with the General Motors Essential Bank Elements dealership improvement plan. While the renovation is required by GM, the renovation at 300 Fluvanna Ave. is part of Shult's general strategy to keep Fluvanna Avenue and Washington Street a destination for automobile sales and service in the Jamestown market area.
Shults Real Estate LLC invested $200,000 in the project in addition to the money it is borrowing from Ally Bank. The family-owned and operated Shults Auto Group has grown since its inception 36 years ago, from a single line Chevrolet dealership into one of the largest group of vehicle dealerships in western New York and northwestern Pennsylvania.
"We want to keep them here," said Steve Centi, saying that sales tax revenue on auto sales is the largest generating force for sales tax.
The renovations includes increasing the service department capacity with a drive-in service reception area and designs for better customer accommodations. The loan will have a 4.5 percent fixed rate of interest for a term of 10 years. The City Council will vote on the loan's approval on Monday, June 25.