GCEDC approves nearly $30 million budget, bulk of it for STAMP infrastructure
The Board of Directors of the Genesee County Economic Development Center (GCEDC) adopted their 2020 budget at a board meeting today, projecting expenditures of $29.7 million.
The budget includes $25.5 million in grants for the development of infrastructure at the Western New York Science and Technology Advanced Manufacturing Park (WNY STAMP).
Of that total, $20.2 million is dedicated to the advancement of Phase I infrastructure at the campus (remaining funds from the original $33 million state allocation); and $5.3 million is 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, and connects low-cost hydropower, large-scale infrastructure, and the Buffalo-Rochester Metro Corridor’s workforce talent.
“The GCEDC is building WNY STAMP to be a market-ready site, and a catalyst for the success of the people of Genesee County and companies that will create a stronger future for our region,” said Paul Battaglia, 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 $3,800 in revenues from revolving loan fund interest; $300,000 in annuities from projects approved in previous years.
Revenues also include $300,000 that will be received from the Genesee Gateway Local Development Corporation (GGLDC), and $50,000 anticipated from the Genesee County Funding Corporation, 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 and a growing return on investments to the county.
In 2018, the last full year of data available, GCEDC projects (current and expired) produced more than $4.4 million in combined PILOT -- Payment In Lieu Of Taxes -- 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," Battaglia said. "We rely on the Genesee County Legislature to support our budget and operations so we can continue to enable business and community success.
"In 2018, Genesee County benefited from $19 returned on every one dollar allocated to GCEDC operations.”