Press release:
The Board of Directors of the Genesee County Economic Development Center (GCEDC) will consider two applications for GAIN! revolving loan funds for agricultural projects in Pavilion and East Bethany.
Cottonwood Farms LLC in Pavilion is seeking to install a wind turbine system that would combine wind and solar power in one turbine in order to increase efficiency and electric energy output. The GCEDC is considering a GAIN! loan in the amount of $65,000 to Cottonwood Farms for the acquisition of the dual system equipment.
The GCEDC also is considering another GAIN! loan for $177,139 for Sandvoss Farms LLC -- First Light Creamery in East Bethany. The loan will be used for the construction of a new refrigeration and storage facility, site work to improve access and traffic flow as well as a new hoop house for feed and materials storage and a new goat nursery facility. Sandvoss Farms processes pasteurized cheese, milk and yogurt from raw goat’s milk.
The Growing the Agricultural Industry Now! (GAIN) initiative is a $400,000 revolving loan fund for Genesee County farms and agribusinesses. It is designed to follow existing revolving loan funds that return investments directly back into a pool for the next round of projects. Projects can receive between $25,000 and $200,000 in gap financing at a 1 percent interest rate.
THE GCEDC will also review an application from Empire Pipeline to terminate their existing PILOT agreement, and instate a new 15-year fixed PILOT for their compressor station and pipeline in Oakfield. As the project incentives are more than $100,000 a public hearing will be set if the GCEDC Board accepts the application.
The GCEDC board meeting will be held at 4:30 p.m. on Thursday, Oct. 6th, at the MedTech Center, across from Genesee Community College, on the first floor at the Innovation Center, Suite 107. All board meetings are open to the public.
