Applications submitted by Graham Corporation and 202 Oak St, LLC
Press release
BATAVIA, NY – Two projects in the City of Batavia submitted to the Genesee County Economic Development Center (GCEDC) are projected to generate over $7 million in local benefits.
The GCEDC board of directors will consider initial resolutions for Graham Corporation’s expansion project and 202 Oak St, LLC’s hotel renovation at its January 16 meeting.
Graham Corporation is proposing to construct a new radiographic testing building at their manufacturing facility. The $3.3 million investment will add to an existing manufacturing building.
Graham Corporation is requesting a sales tax exemption estimated at $120,000 and a property tax abatement estimated at $20,934 based on the incremental increase in assessed value generated by the expansion. The project is estimated to generate $1.2 million in local fiscal impacts, including payroll and tax revenues, for an estimated $16 local benefit for every $1 of requested incentives.
202 Oak St, LLC is proposing to renovate the former Super 8 hotel’s 54 units. The $2.5 million investment would create 11.5 new full-time equivalent positions.
202 Oak St, LLC is requesting a sales tax exemption estimated at $104,163, a property tax abatement estimated at $257,823 based on the incremental increase in assessed value generated by the project, and a mortgage tax exemption estimated at $19,000. The project is estimated to generate $5.8 million in local fiscal impacts, including payroll and tax revenues, for an estimated $20 local benefit for every $1 of requested incentives.
In addition, the project is estimated to generate over $40,000 annually in bed tax revenue for the county once the renovated hotel is ramped up.
The GCEDC board meeting will be on Thursday, January 16 at 4 p.m. at the MedTech Center’s Innovation Zone, 99 MedTech Drive, Batavia.
Meeting materials and links to a live stream/on-demand recording of the meeting are available at www.gcedc.com