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Genesee Gateway LDC Approves 2020 Budget
The Board of Directors of the Genesee Gateway Local Development Corporation (GGLDC) passed a budget for Fiscal Year 2020 at its board meeting on October 31, 2019. The budget anticipates cash outflows of approximately $2.6 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 Don Cunningham, 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 2020 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 $820,000 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, $450,000 in debt service payments supporting development at the MedTech Centre campus, as well as $728,000 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 $680,000 from the MedTech Centre facility. Additional cash receipts will include $376,000 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 2020,” Cunningham continued. “We have been working on a few projects that we anticipate will come to fruition by the end of 2020.”