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Saturday, April 11, 2015 at 7:58 am

GGLDC unveils 'Innovation Zone'

post by James Burns in batavia, GCEDC, Innovation Zone, MedTech Park

Officials unveiled the Innovation Zone at MedTech Park in Batavia yesterday. The Innovation Zone is designed to attract high-tech entrepreneurs and start-ups. To help start-ups it will provide working space and free Wi-Fi as well as programing and business services for a $200 a month fee.

A total of $50,000 for the Innovation Zone was provide by the National Grid’s CleanTech Incubation Program. The project was run by the GGLDC (Genesee Gateway Local Development Corp.), which is the real-estate arm of the GCEDC (Genesee County Economic Development Center).

Tuesday, March 31, 2015 at 10:35 am

GCEDC announces 2014 audit results

post by Howard B. Owens in business, GCEDC

Press release:

Mostert, Manzanero & Scott, LLP, presented a summary of the audit process undertaken and the scope of their engagement, as well as the findings and various observations related to the Genesee County Economic Development Center’s financial position at an open meeting of the GCEDC Board on March 30, 2014.

The GCEDC Board engaged Mostert, Manzanero & Scott, LLP, a certified public accounting firm, to perform the audit of 2014 financial statements. The audit was designed to issue an opinion on the financial statements of the GCEDC for the year ending December 31, 2014, a management letter to the Board of Directors and 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. They also affirmed that, in their opinion, the audited financial statements present fairly, in all material respects, the financial position of the GCEDC as of December 31, 2014, in accordance with accounting principles generally accepted in the United States.

“I am confident that the GCEDC internal control policies are functioning correctly and that our finance team monitors the finances in accordance with the highest accounting principles,” said Steve Hyde, president and CEO of the GCEDC. “GCEDC CFO, Lezlie Farrell, who is a Certified Public Accountant, does an outstanding job monitoring all of our agency procurement and financial activities."

The financial statements of the GCEDC are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash transaction takes place. For example, expenditures are recorded in the period that services are provided, even though corresponding payment for those services may not be made until a later date.

The GCEDC finished 2014 with a net operating loss of $14,990 as compared to a net operating loss of $198,403 in 2013. As expenses remained consistent overall in 2014, revenues from project fees were significantly higher in 2014 as compared to 2013. The largest project in 2014 was the Yancey’s Fancy project. Yancey’s began construction on their 112,000-square-foot facility in the Buffalo East Technology Park, located in Pembroke, NY, in the spring of 2014. Overall, Yancey’s Fancy will invest more than $20 million and create 50 new jobs at the facility.

“The GCEDC budgeted for a loss of $175,000 for 2014 and I am pleased with our year end results,” said CFO Farrell. “At the end of 2014 there were several attraction projects in the sales pipeline that still remain active today. We anticipate that one of these major attraction projects will close in 2015 and bring significant investment and jobs to the region."

Tuesday, March 31, 2015 at 10:33 am

GCEDC board approves tax exemption for Darien Lake's new attractions

post by Howard B. Owens in business, Darien, darien lake, darien lake theme park, GCEDC

Press release:

The Board of Directors of the Genesee County Economic Development Center (GCEDC) approved a final resolution for an application for assistance from Darien Lake Theme Park Resort at the March 30, 2015, board meeting. 

Darien Lake Theme Park Resort is planning to add new attractions for its 2015 operating season, including a 75-foot “super loop” thrill ride and dual waterslide complex speed ride.
The company was approved for a sales tax exemption of $180,000 and the planned capital investment will total an estimated $2.5 million.

“The tourism industry is extremely competitive so enhancing our attraction through new rides and investments in other amenities is critically important to our business operations,” said Chris Thorpe, general manager, Darien Lake. “The support of the GCEDC allows us to make these investments and maintain our reputation as a popular and fun tourism destination and remain competitive against other attractions in the Northeast.”

“Darien Lake is one of the most impactful economic contributors to our local economy, providing over 400 full-time equivalent jobs and approximately 2,000 seasonal positions each year,” said Wallace Hinchey, GCEDC Board chairman. “It is in the best interest of our community to help Darien Lake remain a popular tourism destination and the resulting economic benefits in doing so.”

Friday, March 27, 2015 at 3:00 pm

GCEDC board scheduled to vote on Darien Lake proposal

post by Howard B. Owens in business, Darien, darien lake, GCEDC

Press release:

The Board of Directors of the Genesee County Economic Development Center (GCEDC) will consider a project from Darien Lake Theme Park Resort at its March 30 board meeting.

Darien Lake Theme Park Resort is planning to add several new attractions, including a 75-foot “super loop” thrill ride and dual waterslide complex speed ride for the 2015 operating season. The projected capital investment is approximately $2.5 million. The company is seeking final approval of a sales tax exemption of $180,000.

The GCEDC Board meeting will take place at 10 a.m. and is open to the public. Meetings are held at the first-floor Innovation Zone Conference Room at MedTech Centre -- 99 MedTech Drive, Batavia, across from Genesee Community College.

Tuesday, March 24, 2015 at 5:20 pm

National Grid grant helps fund 'Innovation Zone'

Press release:

The Genesee Gateway Local Development Corporation (GGLDC), the real estate arm of the Genesee County Economic Development Center (GCEDC), recently received a grant of $50,000 from National Grid that was used to build the Innovation Zone.

The Innovation Zone has been designed to be an affordable, high quality networking and incubator space and will be located in the 34-acre Upstate MedTech Park in Batavia. It is strategically located across from Genesee Community College, which was recently designated as a START UP NY site. The grant from National Grid is through the company’s CleanTech Incubation Program.

“The concept of creating a space that not only brings entrepreneurs and start-up businesses together, but also allows these individuals to collaborate, has the potential to enhance economic development opportunities in Genesee County even further,” said Dennis Elsenbeck, regional executive for National Grid in Western New York. “From the Genesee Valley Agri-Business Park to STAMP, economic development officials in Genesee County have proved that the ‘build it and they will come’ approach works and I am confident it will in this instance.”

To accommodate an existing tenant of the Upstate MedTech Park, construction included the addition of 1,075 square feet of space to expand opportunities for high-tech manufacturing and a loading dock facility. The GGLDC also plans to build out 2,300 square feet of vacant space to increase marketability of the site and allow for a quicker turnaround of market demands. The total capital investment of the project is $155,000 and is expected to create 10 new jobs over the next five years and three new jobs within the first year.

“The new incubator will support the expansion of the Upstate MedTech Park, which will help us attract entrepreneurs in emerging industries such as life sciences and medical device manufacturing among others,” said Steve Hyde, president and CEO of the GCEDC. “This grant is just another example of National Grid’s tremendous support of economic development initiatives in Genesee County.”

National Grid officials and local and state government representatives will participate in a ribbon-cutting event on April 10 in the Innovation Zone to formally unveil the new facility and amenities.

The National Grid CleanTech Incubation Program supports the development of a self-sustaining entrepreneurial and innovation “ecosystem.” The program is intended to stimulate and support the growth of new businesses that, in turn, generate jobs and investment in National Grid’s Upstate New York service territory. Information about National Grid’s suite of economic programs is available at www.shovelready.com

Saturday, March 7, 2015 at 9:36 am

State's top economic development leader says Batavia can lead the way in high tech

post by Howard B. Owens in batavia, business, GCEDC

Howard Zemsky was the keynote speaker Friday at the Genesee County Economic Development Center's annual meeting, which was held at Batavia Downs this year. He is acting president, CEO and commissioner of Empire State Development, New York’s economic development agency.

Some 300 people attended, including business and economic development leaders from Erie and Monroe counties.

Zemsky's primary message was that Gov. Andrew Cuomo fully supports economic development in Upstate, in Genesee County and is particularly bullish on the STAMP project.

"We're all in," Zemsky said. "We love what you're doing. It's extremely impressive. I couldn't be more proud of what you have accomplished, and your vision and your commitment and your collaboration on your strategic approach. The governor is all in on what you're doing and is very excited about it."

He noted that Brooklyn is undergoing a renaissance, driven by people like his 22-year-old son who now think urban areas such as Brooklyn are the place to be. If Brooklyn can experience a turnaround, so can Batavia, he said.

"I'll tell you this, if Brooklyn can become cool, Batavia can become the center of the next generation of chip fabrication. Period. End of discussion," Zemsky said. "Because compared to Brooklyn being cool, Batavia being center of a high-tech world is a relative layup."

GCEDC Steve Hyde also provided his annual update on the progress of the GCEDC over the past year and the projects it continues to work on, such as STAMP and the Genesee Valley Agri-Business Park.

Thursday, March 5, 2015 at 6:36 pm

First company for STAMP project could be named within weeks, Legislature told

post by Howard B. Owens in business, GCEDC, STAMP

From The Batavian's news partner, WBTA:

An announcement of a company to occupy Genesee County’s long anticipated STAMP project in the Town of Alabama could be just weeks away.

The Science and Technology Advanced Manufacturing Park has been in the works for years and holds the prospect of hundreds, if not thousands, of high-paying jobs.

Steve Hyde is the president of the county’s Economic Development Center:

“We are weeks away on the final decision on the one we have been working on, less than weeks away. This has been over 12 months we have been working the sales process on this one project. It has been long with multiple versions and very competitive. We have competed against 54 different sites and eight states.”

Hyde issued his annual report to the county legislature’s Ways and Means Committee last night.

The committee went on record opposing a change in state industrial development regulations that would transfer final decisions on state tax breaks from local IDAs to Albany.

If you've downloaded the Reacht App for your smart phone, at some point within the next day, we'll ask you this poll question: Do you think a manufacturing company will commit to STAMP within the next few weeks? To download the app, click here.

Tuesday, March 3, 2015 at 8:33 pm

GCEDC to consider Darien Lake Theme Park request for $180,000 tax exemption for new attractions

post by Howard B. Owens in business, Darien, darien lake, GCEDC

Press release:

The Board of Directors of the Genesee County Economic Development Center (GCEDC) will consider a project from Darien Lake Theme Park Resort at its Thursday, March 5, board meeting.

Darien Lake Theme Park Resort is planning to add several new attractions, including a 75-foot “super loop” thrill ride and dual waterslide complex speed ride for this operating season. The projected capital investment is approximately $2.5 million.

The company is seeking a sales-tax exemption of $180,000, which would require a public hearing should the board approve the application.

The GCEDC Board meeting will take place at 4 p.m. and is open to the public. Meetings are held at the Dr. Bruce A. Holm Upstate Med & Tech Park - 99 MedTech Drive, Batavia, on the first floor across from Genesee Community College.

Monday, March 2, 2015 at 4:11 pm

Site Selection Magazine recognizes Batavia for 11th straight year as top micropolitan area

post by Howard B. Owens in business, GCEDC

Press release:

For the 11th consecutive year Site Selection Magazine has recognized Batavia/Genesee County as one of the Top Micropolitans in the United States. Among the criteria for receiving the recognition includes capital investment and job creation. Through the Genesee County Economic Development Center (GCEDC), approximately $58.07 million in new capital investments were made in the county creating more than 140 new jobs in 2014.

“Throughout 2014, we continued to see tremendous growth in Genesee County as a result of our strategic business attraction and expansion efforts to generate capital investment and create more job opportunities,” said Steve Hyde, president and CEO of the GCEDC. “Further development of the Science and Technology Advanced Manufacturing Park (STAMP), among several other shovel-ready sites, will remain a top priority on our agenda as we move forward into 2015.”

In 2014 the GCEDC achieved 20 project “wins,” and celebrated the $20 million expansion of Yancey’s Fancy, one of Western New York’s most prominent food manufacturing companies. Yancey’s investment will result in a new 112,000-square-foot building at the Buffalo East Technology Park in Pembroke and will create 50 new jobs in the region. Other significant projects the GCEDC assisted with were the expansion of Liberty Pumps in Bergen and US Gypsum in Oakfield.

The ranking of Top Micropolitans is based on cities of 10,000 to 50,000 people which cover at least one county. To make the rankings, the projects must be at least $1 million in value, employ at least 50 people, or involve construction of at least 20,000 square feet. There are approximately 576 micropolitans in the United States according to Site Selection Magazine. Batavia was tied for fourth place in the national rankings.

The Genesee County Economic Development Center will unveil its 2014 annual report highlighting its project “wins” at the organization’s annual meeting on Friday, March 6th, at noon at Batavia Downs.

Wednesday, February 4, 2015 at 4:46 pm

GCEDC to hold annual meeting and luncheon at Batavia Downs March 6, RSVP

post by Billie Owens in announcements, business, GCEDC

The Genesee Economic Development Center will hold its annual meeting and luncheon from noon to 1:30 p.m. on Friday, March 6. It will be in the Paddock Room at Batavia Downs, 8315 Park Road, Batavia.

To register, contact Rachael Tabelski, marketing and communications director, at 343-4866 or e-mail at  [email protected]

Press release:

2014 has certainly been an exciting year from an economic development standpoint as unemployment was at a historic low of 4.8 percent in August, per capita income grew 6.16 percent, and businesses invested more than $50 million in our community. The food industry across the region, and especially in Genesee County, continues to flourish while investment and developments at the WNY STAMP project occur on a daily basis.

The GCEDC Annual Meeting is an opportunity for you to find out what has been achieved in Genesee County over the last year and to get a exclusive preview of what the economic landscape will look like for 2015. The Annual Meeting is also an excellent opportunity to network with economic and elected leaders from around the region. At the event the GCEDC will also unveil the "2015 Economic Development Partner of the Year Award."

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