Press release:
The Board of Directors of the Genesee County Economic Development Center (GCEDC) and Genesee Gateway Local Development Corporation (GGLDC) approved projects at the May 7 board meetings.
The GCEDC approved an application from the Depew, Lancaster & Western Railroad for the purchase of a specialized forklift and two track vehicles for servicing truck and rail service at the transload warehouse facility in the City of Batavia.
Depew, Lancaster & Western Railroad company also received approval for a sales tax exemption of $9,512. The anticipated capital investment will be approximately estimated $118,000. Further, for every $1 of public benefit, the company will invest $12.50 into the local economy.
The GCEDC Board also passed an amended insurance policy to allow for the approval of lower insurance limits specifically for small-scale sales-tax exemption projects on a case by case basis. The new policy will allow smaller projects to take advantage of GCEDC’s incentives without having to incur the increased costs of changing insurance coverage to receive the benefits.
The GGLDC, the real estate arm of the Genesee County Economic Development Center (GCEDC), approved a purchase and sale agreement with Fancher Properties LLC for 2.6 acres of land in the Buffalo East Technology Park.
Fancher Properties plans to build a 15,000-square-foot facility at the Technology Park to house an office, manufacturing and warehouse facility. The company, which manufactures and installs specialty signs and closets for housing developments and hotels, plans to invest $500,000 in the project and will work with the GCEDC to seek IDA benefits.
“While it’s great to see new businesses coming into the community, it’s also very important that our agency can assist existing companies with their expansion and growth needs,” said Steve Hyde, GCEDC president and CEO.
Hyde also stated that “the change approved by the GCEDC Board in the insurance requirement policy will allow us more opportunities to help small businesses take advantage of IDA benifts for their projects."
well that is very nice of you
well that is very nice of you steve. you and your board buddies who have a job that should not even exist can sit there on your high horses and act like you're doing somebody a favor while the rest of us working taxpayers foot the bill. you and the GCEDC should be abolished. everybody pays or nobody pays. this bs of picking and choosing who pays and who doesn't never seems to make it down to the homeowner who works 40 hours a week.
Ah steve, don't let that horse buck ya.
David i agree...How many jobs
David i agree...How many jobs is Depew, Lancaster & Western Railroad creating..none..
Further, for every $1 of public benefit, the company will invest $12.50 into the local economy.....where did they come with that number..
Why do the rest of us have to pay sales taxes when we buy a car but when Depew, Lancaster & Western Railroad buys a forktruck and track cars that they will be writing off on their taxes as an expense the GCEDC allows them to not pay sales tax...Just more GCEDC BS......
geez, i'm out here chasing
geez, i'm out here chasing steve down as the horse he's riding gallops away. he's looking down at me while laughing and wearing a grin that says " you sucker ". steve can I get a tax break on a new bar b que grill and a riding lawn mower? come on steve . just think $3,000.00 for a mower and $200.00 for a grill. with a tax break of 8% equals $256.00. There it is, for every dollar of tax break I am investing $12.50...... steve come back steve can you hear me? .......... as steve rides off into the sunset.