New incentives target nonprofits
BATAVIA — A new incentive to help nonprofit entities pursue development is taking shape with initiatives by the Genesee County Economic Development Center and the County Legislature.
The Legislature last month approved the establishment of the Genesee County Funding Corp. on the recommendation of the GCEDC, the county’s economic development engine, to spur capital projects for nonprofit corporations with low-interest financing.
This week, the Legislature’s agenda includes the appointment of four members of the new entity’s board of directors. They are Lynn N. Freeman, president of the county’s Chamber of Commerce; County Legislator Hollis D. Upson, the Legislature’s liaison with GCEDC; Maureen Marshall of Torrey Farms; and Andrew Wormuth, CEO of Agricultural Development Services of Elba.
Completing the six-member board are two GCEDC appointees, chairman John F. Andrews and vice chairman James L. Vincent. The articles of corporation were filed with the state more than one month ago, so it is hoped the new funding arm will be in place by the end of the year.
The Funding Corp. will take the place in Genesee County of a lapse in state government, the expiration in 2008 of the state’s civic facilities law. The result was a backlog of capital projects by municipalities and nonprofit groups with no access to low-interest financing.
One local victim was the United Memorial Medical Center’s $20 million expansion of surgical services. With the lack of the state’s civic facilities procedure, GCEDC was able to offer a $162,000 incentive package, far below the previous potential.
Two GCEDC projects, however, will benefit with the new authority to issue bonds and provide low-interest loans. Now in the early stages of construction are the Upstate Medical and Technical Park, a potential center for life services tenants, and the Genesee Valley Agri-Business Park, which will cater to food processing clients.
Construction is under way on the first building at the Med-Tech Park, that next year will house Genesee Community College’s expanded nursing school and the occupational and physical therapy services of United Memorial Medical Center. Work has started on enclosing the two-story steel framework.
Groundbreaking is set for Tuesday at the Agri-Business Park. An Alden company has a $750,000 contract for roads, water and sewer lines. A Canadian food processor will be the first tenant in what GCEDC claims is the first park of its kind in the state.
GCEDC also is involved through Genesee Gateway Local Development Corp. with the proposed Western New York Science and Technology Advanced Manufacturing plant. More than half of Gateway’s $2.3 million 2010 budget will go toward the 1,200-acre site in Alabama, envisioned for advanced computer-related manufacturing business.
Log into MyBuffalo to post a comment
MyBuffalo is the new social network from Buffalo.com. Your MyBuffalo account lets you comment on and rate stories at buffalonews.com. You can also head over to mybuffalo.com to share your blog posts, stories, photos, and videos with the community. Join now or learn more.
Reader comments