Baby cribs will be shipped from ElGreco Woodworking Inc., Jamestown, after Jan. 1, as the board of directors of the Chautauqua County Industrial Development Agency approved a financial package at Tuesday afternoon's meeting.
The $220,000 package includes a seven-year, 7 percent $50,000 loan from the Chautauqua Revolving Loan Fund, a bank loan of $148,000, and $22,000 in equity. The company has created seven jobs since the loan application was filed, George Moore of the agency staff reported. The company is pledged to create an additional 12 jobs in three years.
George Theo, owner of the company, brought a sample crib, complete with mattress, spring and pastel-colored bumpers to the parking lot of the Vintage Room Restaurant at the Vineyard Motel, where the meeting was held. The retail price of the crib is expected to be in the $400 range.
The company is working with the Pennsylvania Wood Guild, which will do the marketing.
Theo told the board that 1.8 million cribs are sold each year. He would like 1 to 2 percent of the market. The new machinery to be purchased will allow the company to manufacture 500 cribs per week. The capacity now is 100 per week. He mentioned day-care centers as part of the market for the cribs.
The company, which owns its building at 106 E. First St., company designs and manufactures fine contemporary wood furniture, he said.
In other business, the board accepted the resignation of chairman James Weidman III with regret.
Prior to the meeting, Chautauqua County Executive Andrew Goodell held a spur-of-the-moment press conference in the restaurant. He said he asked the board for the names of two or three people to fill the Weidman vacancy.
"I'm interested in a person with a business background from the north end of the county for geographic balance," he said.
Goodell expects the recommendations within the next few weeks and will make an appointment. He expects the County Legislature to confirm the appointee by the end of November.
Board members were cheerful about the 25th anniversary of the agency which will occur in 1997. Vice-Chairman Thomas Reed and former chairman Paul Sandberg are charter members of the board who are still serving. The board decided to mark the event with a celebration of some sort.