Press release:
The Board of Directors of the Genesee Gateway Local Development Corporation (GGLDC) passed a budget for Fiscal Year 2016 at its board meeting today with anticipated cash outflows of $2.4 million. Funding will be realized primarily through grant revenue (restricted to the project for which the funding was awarded), rents and loan repayments.
Major sources of revenue includes a $750,000 grant from the New York State Department of Homes and Community Renewal program for the p.w. minor project and the remaining balance of a $200,000 grant from New York State Empire State Development. The balance of the ESD grant will be used for the development of the Western New York Science and Technology Advanced Manufacturing Park (WNY STAMP).
Rent revenue of $672,000 will be generated from the MedTech Centre facility and common area maintenance fees from the Buffalo East Tech Park and Genesee Valley Agri-Business Park (Ag-Park). In addition, $672,200 in revenue will be received through the Empire Pipeline PILOT Increment Financing (PIF) and grant revenue from the United States Economic Development Administration that is restricted to support development at the Ag-Park.
Additional revenues include $14,000 in grants from National Grid and $498,600 in principal and interest payments from several different companies for loans made in previous years.
Anticipated 2016 expenditures include the distribution of the state grant to support the p.w. minor project and building maintenance, an economic development program support grant, professional services and site/corporate park maintenance.
In 2015 the GGLDC made progress on a number of projects including: the widening of Route 63 to support commerce in the Ag-Park; assisting Bergen and Le Roy in securing an America’s Best Communities grant to create an economic development revitalization plan; and, completed enhancements to Buffalo East Tech Park, including roadway installation and improvements to the Route 5 entrance. The improvements at the Buffalo East Tech Park enabled the construction of Yancey’s Fancy new $20.6 million facility.
“Thanks to the County’s assistance and our funding partners, the GGLDC has been successful in completing many projects,” said Thomas H. Felton, chairman of the GGLDC Board of Directors. “We continue to see significant attention from new businesses interested in locating in our County, and we are excited to work with our partners to bring new jobs and investment here.”
