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The total annual tax revenue from all current Genesee County Economic Development Center-backed projects -- more than 160 since 2006 -- will generate more than $8.4 million in additional property tax revenue for local governments once all the projects have matured out of their PILOT phase.

There are more than 90 projects that received a PILOT (Payment In Lieu Of Taxes) that are now completely on the tax rolls.

A PILOT waives property taxes on the increase in assessed value associated with a building expansion or new construction but requires the property owner to make payments to the local taxing jurisdictions. 

The 71 projects currently with an active PILOT generated $1.5 million in revenue for local governments, such as municipalities, the county, and school districts, in 2019.

The projects with completed PILOTs generated another $3.5 million in revenue for local governments -- revenue that would not have been realized if the property owner had not expanded or started a new project causing an increase in the assessed value of the property.

Steve Hyde, CEO of GCEDC, Jim Krencik, marketing director, and Lezlie Farrell, CFO, shared data on GCEDC's progress during an annual review presentation for the county's Ways and Means Committee on Wednesday.

Hyde and Mark Masse, vice president of operations, both said Genesee County is well-positioned to take advantage of the new thinking among manufacturers in the post-pandemic world, when many companies realize they need to tighten up their supply chains and "reshore" (bring factories back to the United States) their operations. They're looking for shovel-ready sites, and there is ample such acreage in the GCEDC-created industrial parks around the county.

"Companies are taking a serious, hard look at where there are failings in the current system, from raw materials up through shipping," Masse said.

On a recent statewide conference call with three of the nation's top site selectors, one of them, whom Hyde described as the dean of site selectors, praised Genesee County.

"We've been working on getting on his radar for 10 years," Hyde said. "When you start to get on their radar, you've got a shot."

As for STAMP -- the industrial park in Alabama being marketed to tech manufacturers -- there are five companies currently considering siting a new facility there, including a semiconductor company that Hyde indicated Sen. Charles Schumer helped swing Genesee County's way.

These are long-term projects so Hyde said it will be a while before any of these potential suitors sign a deal.

The biggest obstacle to industrial growth in Genesee County is the lack of quality housing stock. That makes it harder to attract companies who want to ensure employees who move here can find quality housing or it means well-compensated employees move to Rochester or Buffalo.

Hyde noted that the average age of a house in Batavia is 73 years, twice the national average.