Press release:
The Board of Directors of the Genesee County Economic Development Center (GCEDC) adopted their 2021 budget at the board’s Sept. 4 meeting with projected expenditures of approximately $23.3 million.
The budget includes $21.1 million in grants for the continued development of infrastructure at the Western New York Science and Technology Advanced Manufacturing Park (WNY STAMP), of which $19.5 million is earmarked for the advancement of Phase I infrastructure at the campus (remaining funds from the original $33 million state allocation); and, $1.6 million dedicated to the advancement of Phase II infrastructure (initial funds from the $8 million Empire State Development grant).
The 1,250-acre WNY STAMP campus in the Town of Alabama is the largest high-tech greenfield site in New York with a capacity of low-cost hydropower for energy-intensive industries and a labor shed of approximately two million workers from the Western New York and Finger Lakes regions.
“The GCEDC is building WNY STAMP and STAMP’s North Campus and South Campus as a catalyst for the success of the people of Genesee County and companies that will create a stronger future in our region,” said Peter Zeliff, chairman of the GCEDC.
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.
The GCEDC anticipates $375,000 in revenues from project origination fees and $3,300 in revenues from revolving loan fund interest and $280,000 in project revenues recognized in previous years. Revenues also include a $300,000 grant that will be allocated by the Genesee Gateway Local Development Corporation (GGLDC) to support the agency’s overall Economic Development Program.
“There is a large body of work that occurs at this agency each year, and I am pleased that we continue to find resourceful ways to serve the businesses and citizens of Genesee County,” said Lezlie Farrell, CFO of the GCEDC. “Operating expenditures have been controlled and reduced wherever possible.”
The GCEDC budget anticipates a $233,000 allocation by Genesee County to support economic development that results in a growing return on investments to the county. In 2019, the last full year of data available, GCEDC projects (current and expired) produced over $5.03 million in combined PILOT payments and property taxes to local taxing jurisdictions.
“Genesee County is a vital partner in our efforts to bring new business and growth to our region. We rely on the Genesee County Legislature to support our budget and operations so we can continue to enable business and community success,” Zeliff said. “In 2019, Genesee County and local taxing jurisdictions benefited from 21.5 dollars returned on every dollar allocated to GCEDC operations.”
