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DUNKIRK – Members of the Chautauqua County Industrial Development Agency reaffirmed Tuesday their commitment to a $700,000 loan for a hotel and water park on Routes 5 and 20 in Irving.

The loan was announced at the Chautauqua County Legislature’s Planning and Economic Development Committee meeting in August.

William Daly, executive director of the IDA, said the action confirms that Michelle Borrello, the principal in the company backing the water park and hotel, is moving ahead with the project. He said that she had hoped to break ground in the fall but now probably will not start construction until spring.

MMM Real Estate and Development has already completed several preliminary phases at the site, and Borrello is now waiting for final approval on the loans for the project.

“We keep getting asked when we will get started, but this is a big project with a lot of paperwork and background,” Borrello said. She credits her father, Anthony Borrello, with the idea for the hotel and water park.

Daly said that there is some interest from franchise hotels in the site but that the Borrello family has plans to run the business as an independent venture.

About 80 hotel rooms, a water park and restaurant are planned for the first phase. The estimated project cost is $10 million.

In other matters, members of the IDA reviewed the status of several loans, including one for Shaant Industries of Dunkirk. They said the company includes Chautauqua Woods. Daly reported that the company is doing well.

The group members reviewed the agreement to assist Empire Cheese Co. in Ashville with its relocation.

The next session will be Dec. 17 in the offices of the agency on Harrison Street in Jamestown.