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Genesee Gateway Local Development Corporation Approves Budget For Fiscal Year 2018
The Board of Directors of the Genesee Gateway Local Development Corporation (GGLDC) passed a budget for Fiscal Year 2018 at its board meeting on October 26, 2017 with anticipated cash outflows of $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. The GGLDC also provides strategic investment funding to support the GCEDC’s ongoing economic development program,” said Tom Felton, Chairman of the GGLDC.
The anticipated 2018 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. 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 is debt service payments supporting development at the Ag Park and the MedTech Center building, 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. Additional cash receipts will include $295,000 in principal and interest payments from several companies repaying loans made in previous years.
“The GGLDC will be working to actively market our shovel-ready parks in conjunction with the Genesee County Economic Development Center in 2018. We have been working with a few projects that we anticipate will come to fruition by the end of 2018,” said Felton.