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GCEDC accepts two incentive applications
GCEDC accepts two incentive applications
The Genesee County Economic Development Center has accepted applications for incentives for two projects expected to generate $9 million in capital investments.
Bright Oak Solar LLC is seeking incentives to construct a 4MW community solar farm with a capital investment of $6 million. The project would be located on Galloway Road in the town of Batavia.
J&R Fancher Property Holdings LLC plans to invest $3 million to build a 32,000-square-foot, three-story facility on two acres in the Buffalo East Technology Park in the town of Pembroke. The project will add 17 market-rate, 1-bedroom and 2-bedroom apartments on the second and third floors, with an interior space for commercial tenants, as well as indoor parking and a fitness center.
J&R Fancher is requesting roughly $616,000 of property, sales and mortgage tax incentives. The project is estimated to produce $5.50 of economic impact for every $1 of proposed incentives.
Bright Oak Solar is looking for $979,000 in sales, mortgage and property tax exemptions. The company will make payment in lieu of taxes payments over the next 15 years, which are estimated to generate $122,610 in revenues to Genesee County and $257,845 in revenues to the Oakfield-Alabama Central School District. The total increase in PILOT payments and real property taxes for the project is estimated at $394,139 over 15 years.
“These projects continue the momentum in investments in residential housing and the renewable energy sectors,” GCEDC Board Chairman Paul Battaglia said in a statement. “In just the first few months of 2020 we have projects that will create close to 100 new residential housing units and investments of approximately $28 million in renewable energy sector that will create 26-megawatts of solar energy.”
Because both projects are seeking incentives greater than $100,000, public hearings will be conducted.
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