GENESEE GATEWAY LOCAL DEVELOPMENT CORPORATION APPROVES BUDGET FOR FISCAL YEAR 2019
Written by Alex Feig on November 2, 2018
BATAVIA, NEW YORK – The Board of Directors of the Genesee Gateway Local Development Corporation (GGLDC) passed a budget for Fiscal Year 2019 at its board meeting on November 1, 2018. The budget anticipates cash outflows of approximately $2.5 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,” said Tom Felton, Chairman of the GGLDC. “The GGLDC also provides strategic investment funding to support the GCEDC’s ongoing economic development and workforce development programs.”
The anticipated 2019 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), continuing to support a dedicated workforce development consultant, and professional services.
Other significant items include an $890,000 pass through grant from the New York State Department of Transportation that furthers the ability of the tenants of the Genesee Valley Agri-Business Park (Ag Park) to access rail, $655,000 in debt service payments supporting development at the Ag Park and the MedTech Center campuses, as well as $352,000 in expenses related to waste water treatment facility upgrades in the Village of Corfu in partnership with the Town of Pembroke, supporting the Buffalo East Technology Park.
A major source of revenue is rent of $670,000 from the MedTech Centre facility. In addition, $205,000 will be received through the Empire Pipeline Community Benefit Agreement for the final payment of Ag Park bonding. Additional cash receipts will include $202,000 in principal and interest payments from several companies repaying loans made in previous years.
“The GGLDC will continue to actively market our shovel-ready parks in collaboration with the Genesee County Economic Development Center in 2019,” Felton continued. “We have been working on a few projects that we anticipate will come to fruition by the end of 2019.”