GCEDC approves financing for land purchases to create STAMP in Alabama
With zoning changes approved in the Town of Alabama, the Genesee County Economic Development Center will now move forward with real estate purchases in order to create the footprint for the STAMP project.
The board today authorized the agency to move forward with a $2.1 million expenditure to acquire the land necessary for the 1,340-acre technology zone.
GCEDC CEO Steve Hyde said today, after the board's approval of the transactions, that he anticipates bringing in three chip fabrication companies of the size now in Saratoga, which will mean a $15 billion to $25 billion investment by those companies in Genesee County and some 9,000 jobs.
The board authorized a loan from the LDC (a non-profit agency operated by the GCEDC) to GCEDC for $500,000. GCEDC will then receive either a gap loan from a bank to repay the LDC, or pay it off when it receives grant money from the state for the STAMP project.
The project is receiving more than $2 million from Empire State Development.
The first purchases -- many of which have already been negotiated -- could happen in a matter of weeks.