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GCEDC Board Approves Incentives for Expansion at GVT Rail
The Genesee County Economic Development Center (GCEDC) Board of Directors approved incentives to Genesee Valley Transportation for the proposed expansion of the company’s cross dock facility. Meanwhile, the Genesee Gateway Local Development Corporation (GGLDC) Board of Directors approved revolving loan funds for capital projects at the Batavia Brewing Company and Liberti, Valvo & Associate LLC.
Genesee Valley Transportation will invest approximately one million dollars to expand its dry dock facility from 25,000 sq. ft. to 37,160 sq. ft. in order to meet increased customer demand. The estimated amount of incentives is $142,138 and for every $1 dollar of public benefit the company is investing $4 into the local and regional economy. The expansion project will help retain 10 jobs.
“GVT is a critical component of the region’s transportation infrastructure,” said GCEDC Board Chairman Paul Battaglia. “This infrastructure is another asset that our sales and marketing team can utilize to sell and promote the region for economic development opportunities.”
The GGLDC Board approved requests for two loans from its revolving loan program.
The Batavia Brewing Company requested a $150,000 loan from the Batavia Micropolitan Area Community Redevelopment Loan Fund (Redevelopment Loan Fund) to assist with its $3.6 million rehabilitation project at the historic Newbury building in downtown Batavia. The company will convert the upper floors to apartments create a brewing area in the basement, and build a taproom and restaurant as well as incubator space for FreshLAB on the first floor.
Liberti, Valvo & Associate LLC received approval for a $50,000 loan as part of a $275,000 business project. The company manufacturers sales representative agency that specialize in quality safety and utility products in markets in New York, New England, the Mid Atlantic and Ontario, Canada.
“The revolving loan program continues to provide our small businesses opportunities to expand and grow,” said Thomas H. Felton, GGLDC Chairman. “It is an important resource our agency can provide to our small business sector which is the backbone of our regional economy.”
The GCEDC and GGLDC board meetings were conducted on May 4, 2017 in the Innovation Zone at 99 MedTech Drive in Batavia, NY.