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FLEDC reports spotless audit, positive future

At the annual meeting of the Finger Lakes Economic Development Center (FLEDC), hosted by Veraisions Restaurant at Glenora Wine Cellars, Steve Griffin, CEO of FLEDC (Yates County’s sole industrial and economic development agency), played his primary role as head cheerleader for Yates County business. Speaking to the largest number of local business and political figures ever to attend the annual meeting, Griffin made the most of the time he held their attention.

The Bonadio Group recently completed their audit of the three entities that make up FLEDC’s structure, and reported all three to be healthy and well run. Griffin heaped deserved praise on FLEDC’s CFO Doreen Jensen for her constant attention to the books and preparations for the audit.

The three person staff of FLEDC, including Griffin, have earned a state-wide reputation for remarkable effectiveness and efficiency. Griffin noted that Yates County has averaged two new businesses every three months since 2007. And while there was a smaller number of business loans approved by FLEDC in 2017, the average loan size was larger

‒ Lent out $759,500

‒ Avg. loan $108,500

FLEDC currently has 26 Active Payment in Lieu of Taxes agreements (PILOTs) in place. The business incentive program has fostered nearly $50 million in increased values by offering sales and mortgage tax abatements and a graduated schedule of property tax increases for improvement values. For local municipalities and schools, these have generated nearly $1.5 million in additional annual tax revenues, according to Griffin’s presentation. He presented local project highlights for 2017:

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