At the September meeting of the Finger Lakes Economic development Center (Yates County’s sole industrial and economic development agency) CEO Steve Griffin reported that Starkey’s Lookout owner, Dave Bunnell, has an agreement in place to purchase and upgrade the Rainbow Cove Resort on Seneca Lake near Himrod. Bunnell plans to make Rainbow Cove a competitor in the wedding and events market.
Griffin says the total project investment is projected to be $2.85 million, with nine full time equivalent positions created over the next three years, and over $5 million in salaries paid out over 10 years.
The FLEDC board approved a $200,000 loan to Bunnell for a 15-year term, with interest only payments through April 2018, when he expects the property to start generating revenue. The first 10 years will be at 3.4 percent interest. FLEDC will then re-adjust to 80 percent of the prime rate at that time for the remaining 5 years, with a balloon payment at the end of the term.