Press Release:
Two projects submitted to the Genesee County Economic Development Center are projected to generate $9 million in community benefits.
The Genesee County Economic Development Center (GCEDC) board of directors advanced an initial resolution at its June 5 meeting for HP Hood LLC’s 7,722 sq. ft. facility expansion at the Genesee Valley Agri Business Park.
HP Hood LLC’s $25 million investment will include the construction of a two-bay, raw milk silo alcove and silo pads for four silos, Clean-in-Place (CIP) room for four CIP systems, remote truck testing lab and electrical room. The expansion will enable HP Hood to increase capacity and boost dairy product production.
HP Hood LLC is requesting a sales tax exemption estimated at $1.12 million and a property tax abatement estimated at approximately $84,097 based on the incremental increase in assessed value via a new traditional 10-year PILOT. The project is estimated to generate $6.3 million in financial benefits, including payroll and tax revenues, for an estimated $10 local benefit for every $1 of requested incentives.
A public hearing on the proposed project agreements will be held in the town of Batavia.
The board of directors also approved a final resolution for Ivy Village Corp.’s proposed $3.5 million construction of 20 units of market-rate patio homes in the Village of LeRoy. The project will add 24,960 sq. ft as part of a planned three-phase, 60-unit development on 16 acres.
Ivy Village Corp. requested a sales tax exemption estimated at $168,000, a mortgage tax exemption estimated at $28,000, and a property tax abatement estimated at $669,440 based on the incremental increase in assessed value via a 20-year PILOT. The project is estimated to generate $2.7 million in local fiscal impacts, including payroll and tax revenues, for an estimated $4 local benefit for every $1 of requested incentives.
