JAMESTOWN – The area’s largest car dealership is looking to expand and renovate its operation and its asking the city for some financial help. The Jamestown Post-Journal is reporting today that 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 it headquarters at 300 Fluvanna Ave.
The loan approval was presented to the Jamestown city council’s Finance Committee on Monday because the amount is more than $100,000, which means 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. The loan will have a 4.5 percent fixed rate of interest for a term of 10 years. The renovations includes increasing the service department capacity with a drive-in service reception area and designs for better customer accommodations. The City Council will vote on the loan’s approval on Monday, June 25.
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