Local Matters

Community Sponsors

Genesee Gateway Local Development Corp.

November 1, 2019 - 1:19pm

Press release:

The Board of Directors the Genesee Gateway Local Development Corporation (GGLDC) passed a budget for Fiscal Year 2020 at its board meeting Oct. 31.

The budget anticipates cash outflows of approximately $2.6 million.

“The mission of the GGLDC is to foster local economic development by making real estate development investments that prepare sites in Genesee County for new corporate tenants,” said Don Cunningham, chairman of the GGLDC.

“The GGLDC also provides strategic investment funding to support the GCEDC’s ongoing economic development and workforce development programs.”

The anticipated 2020 expenditures of the GGLDC include operations and maintenance for the MedTech Centre building, site/corporate park maintenance, an economic development program support grant to the Genesee County Economic Development Center (GCEDC), continuing to support a dedicated workforce development consultant, and professional services.

Other significant items include:

  • An $820,000 pass-through grant from the New York State Department of Transportation that furthers the ability of the tenants of the Genesee Valley Agri-Business Park (Ag Park) to access rail;
  • $450,000 in debt service payments supporting development at the MedTech Centre campus;
  • and $728,000 in expenses related to wastewater treatment facility upgrades in the Village of Corfu in partnership with the Town of Pembroke, supporting the Buffalo East Technology Park.

A major source of revenue is rent of $680,000 from the MedTech Centre facility. Additional cash receipts will include $376,000 in principal and interest payments from several companies repaying loans made in previous years.

“The GGLDC will continue to actively market our shovel-ready parks in collaboration with the Genesee County Economic Development Center in 2020,” Cunningham said. “We have been working on a few projects that we anticipate will come to fruition by the end of 2020.”

September 6, 2019 - 12:04pm

Press release:

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.”

March 25, 2016 - 10:16am

Press release:

Mostert, Manzanero & Scott, LLP, presented a summary of the audit process undertaken, the scope of their engagement and audit results to the Genesee Gateway Local Development Corporation (GGLDC) Board at the March 24 meeting.    

The GGLDC Board engaged the certified public accounting firm to perform an independent audit of 2015 financial statements. The independent audit was designed to issue an opinion on the financial statements of the GGLDC for the year ending Dec. 31; a management letter to the Board of Directors management; and, a report about internal control over financial reporting in accordance with Government Auditing Standards.  

Included in the management letter is a statement from Mostert, Manzanero & Scott, LLP, affirming that no material deficiencies in internal controls were identified during the audit. The firm also affirmed that, in their opinion, the audited financial statements present fairly, in all material respects, the financial position of the GGLDC as of Dec. 31,  in accordance with generally accepted accounting principles.

“I am pleased with the continued positive audit results, and it speaks to the professionalism and transparency of the organization,” said Thomas Felton, president and chairman of the GGLDC.  

In 2015, the GGLDC, including Genesee Agri-Business, LLC (GABLLC) activity, received $1.2 million in grant revenues.

These grants included a NYS Homes and Community Renewal grant that supported infrastructure development at the Genesee Valley Agri-Business Park (GVAB) and the LeRoy/ Bergen America’s Best Communities grant, as well as an Empire State Development grant to support the development and marketing of the Science and Technology Advanced Manufacturing Park (STAMP).  

The GGLDC also recognized grant revenue from National Grid, which supported Buffalo East Technology Park (BTEP) infrastructure, an annual Community Benefit Agreement payment with CNL Income (Darien Lake) to support infrastructure in Western Genesee County, and an annual PILOT Increment Financing payment from Genesee County that supports a bond payment for infrastructure at the GVAB Park.

Currently, there is $6.9 million of land held for sale and development under the agencies control including 57 acres at the Gateway II Corporate Park, 67 acres at the BETP, 250 acres at the GVAB Park, 34 acres at Med Tech Park, and the Upstate MedTech Centre Building including an Innovation Zone for entrepreneurial businesses.

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