GCEDC approves 2018 budget, including remaining $25.5 million in grants for STAMP
The Board of Directors of the Genesee County Economic Development Center (GCEDC) today adopted its 2018 budget at the agency’s Sept. 7 board meeting.
Revenues include $25.5 million in grants (remaining funds from the original $33 million Buffalo Billion allocation) that are earmarked for infrastructure at the Western New York Science and Technology Advanced Manufacturing Park (WNY STAMP). The remaining projected revenue is comprised of project origination fees of $375,000; an allocation from Genesee County of $193,000; and, Revolving Loan Fund interest revenue of $4,600.
Cash payments totaling $300,000 will be collected through project origination fee annuity streams that are attributed to projects that closed in prior years. Another $300,000 will be received from the Genesee Gateway Local Development Corporation (GGLDC) to support the agency’s overall Economic Development Program.
“We are always cognizant of our fiduciary responsibilities on behalf of the taxpayers of Genesee County,” said Lezlie Farrell, CFO of the GCEDC. “We continue to work hard to control and reduce operating expenses wherever possible despite a 12-percent increase in health insurance premiums in 2018 based on current estimates.”
As a public benefit corporation, the GCEDC generates fees from economic development projects and other sources to run the agency’s operations, programs, and services. Grant funds secured do not include any coverage for grant administration or other operating costs.
“For the last full year of data available in 2016, GCEDC projects contributed approximately $4.8 million in combined PILOT payments and property taxes to local taxing jurisdictions,” said GCEDC Board Chairman Paul Battaglia.
“This is a $22 dollar return on each dollar Genesee County allocates to GCEDC operations. We are extremely grateful for this support and believe it is providing the County with a significant return on its investment to our agency.”
25.5 million dollars in grants. isn't it wonderful when a government agent gets the authority to give away taxpayer's hard earned money ? twenty five and one half million dollars for you. take care we're going on vacation. oh and please spend wisely.
And still not one business or job there. Tens of millions of dollars over all these years and nothing to show for it but patronage jobs on the GCEDC.