Press release:
The Board of Directors of the Genesee Gateway Local Development Corporation (GGLDC) passed a budget for Fiscal Year 2017 at its board meeting on Oct. 27 adopting a budget with anticipated cash outflows of $1.36 million.
“The mission of the GGLDC is to foster local economic development by making real estate development investments that prepare sites in Genesee County for new corporate tenants. The GGLDC also provides strategic investment funding to support the GCEDC’s ongoing economic development programming,” said Tom Felton, chairman of the GGLDC.
The anticipated 2017 expenditures of the GGLDC include operations and maintenance for the MedTech Centre building, site/corporate park maintenance, an economic development program support grant to the Genesee County Economic Development Center (GCEDC), and professional services. Major expenditures include debt service payments of $655,816 on bonds and loans that enabled MedTech Centre building construction and infrastructure development at the Genesee Valley Agri-Business Park (Ag-Park).
The budget includes a line item of $100,000 to conduct a study to determine the feasibility and cost of expanding the Village of Corfu’s wastewater treatment plant. The expansion would directly benefit the Buffalo East Tech Park and allow for future growth and development.
Major sources of revenue include rent of $454,647 from the MedTech Centre facility and common area maintenance fees from the Buffalo East Tech Park and Ag-Park. In addition, $205,780 will be received through the Empire Pipeline PILOT Increment Financing (PIF). Additional cash receipts will include $247,481 in principal and interest payments from several companies repaying loans made in previous years.
In 2016 the GGLDC completed several projects including the widening of Route 63 to support commerce in the Ag-Park as well as completing the secondary access road into the Ag-Park from Route 63. Also completed was the widening of Route 5 in the Town of Pembroke by the entrance of the Buffalo East Tech Park.
“The GGLDC will be working to close major deals at our shovel-ready parks in 2017. We have been investing and working to make these parks ready for the last decade and believe that 2017 will be a productive year with new company attractions and more job creation in our parks,” Felton said.
