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Cattaraugus County IDA to Hold Hearing on Benefits for 100-year-old West Valley Inn

By Rick Miller

The Cattaraugus County Industrial Development Agency is looking to offer a hand to the man resurrecting the West Valley Inn.

The IDA last week approved a State Environmental Quality Review Act (SEQRA) resolution and agreed to set a public hearing on an application from Douglas A. Studd for inducements for sales tax and mortgage recording tax exemptions and an adaptive reuse payment in lieu of taxes (PILOT).

Corey Wiktor, IDA executive director, estimated the benefits are worth up to $50,000. Sales tax exemptions on furniture, furnishings and equipment are worth between $20,000 and $25,000, about $10,000 for the mortgage recording fee exemption and between $10,000 and $15,000 for the adaptive use PILOT.

The West Valley Inn, formerly the West Valley Hotel, also received a $159,000 grant from Restore New York Communities Initiative toward the hotel work.

Studd was at the IDA meeting and made a presentation for the benefits.

“It’s something we’d like to see go forward,” Wiktor said. “The inn is over 100 years old and reopening it will mean a lot for the community. It will provide between 20 and 25 jobs.”

In other action, the IDA approved an application from T&D Resorts, which operates Triple R Campground in Franklinville. The owners plan an $800,000 investment in two phases. Sales tax and mortgage recording fee exemptions and a PILOT are valued at about $90,000.

The first phase will include a large hot tub, increasing the capacity of the swimming pool from 105 to 255 and site improvements. Phase two will include installation of a LeeKee Lagoon Splash Pad which is expected to increase visitors when completed next year.

The IDA board also agreed to transfer land in Cattaraugus to the village for construction of a new senior center using $350,000 in state funds secured by State Sen. Catharine M. Young, R-Olean.

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