'Significant year' justifies GCEDC bonuses, board member says
A six-figure bonus package approved for staff members of the Genesee County Economic Development Center were earned by a great performance in 2011, said outgoing county Legislator Hollis Upson today after the perks were announced.
He characterized 2011, which saw, according to the GCEDC, 172 jobs created and more than $3 million in strategic investment approved, a great year for the center.
"The year was better than our expectations at the beginning of the year and better than anyone could have anticipated under the circumstances," Upson said.
Upson is finishing up his time on the legislature. It will be up to the legislature in 2012 to determine whether he continues to represent the county on the GCEDC board.
The bonus payments total $120,000 with $72,000 going to the CEO, Steve Hyde. It will be up to Hyde to determine how the remaining pot of money gets divided among the rest of the staff.
Asked if Hyde's bonus is justified in a county where the median annual income is just over $40,000, Upson said that, of course, he would like to get that kind of bonus himself, but he doesn't have a problem with it.
"I feel he deserves it," Upson said. "I know the work he's doing and if you compare it to what he does with the private sector, what he could be getting in the private sector would be much more."
The whole staff, Upson said, deserves credit for a job well done in 2011.
"They exceeded all of the goals we set for them," Upson said.
The GCEDC press release said 172 jobs were created; the goal for capital investment commitments was $13.8 million, and there were $51.3 million in commitments in 2011; and, two, rather than just one, major projects of at least $10 million in investment were signed (Alpina and expansion at O-AT-KA).
The only goal not met was for GCEDC to close a mega project deal worth more than $50 million.However, Upson noted, the Project Wave deal is just a few details away from being finalized.
"It was a pretty significant year for us when you consider that everybody else (in other jurisdictions) is in pretty dire circumstances," Upson said.