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GENESEE VALLEY REGIONAL MARKET AUTHORITY

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June 2016

 

 

News Release from William J. Mulligan, Jr., Administrator

                                 and Dennis Piedimonte, Chairman

 

            The Genesee Valley Regional Market Authority has completed their 65th year of operations, recording gross revenues of approximately $3,215,571.

 

            Cash operating and administrative expenses represent approximately 25% of revenues. The Market Authority does not have any debt. This past year, over $1.4 million was paid in property taxes on Market buildings and improvements. We currently lease to 190 companies.

 

            The Market Authority owns 80 acres on Scottsville Road. We completed a 14,000 sq ft building on the site this year which is home to Ontario Play, an educational open play facility for children 10 and younger. A number of developers are interested in leasing the land and constructing buildings. We are continuing our ambitious capital improvement program. We painted a number of buildings, remodeled offices and blacktopped 80,000 sq ft of parking lot and roads.

 

            Some of our leasehold tenants have elected to sell their businesses during the past year. In most instances, there have been increases in the value of the properties involved. Although commercial real estate values in Monroe County have declined, we are seeing market values remain stable.

 

            New tenants on the Market include Galaxy West Pictures, Buffalo Hotel Supply, Skyport IT, TCK Coral Farm and Asti Real Estate Holdings

 

            We provided $1,400,000 of support for different agribusinesses including the New York Wine and Culinary Center, New York Wine and Grape Foundation, Western New York Maple Producers Association, Foodlink, Yates County, Wayne County, and Wyoming County Cornell Coop. Extensions, and the NYS Agricultural Experiment Station in Geneva where they are researching hops and malted barley crops.

 

            The Market Authority continues to work with the Town of Henrietta on building permits, building inspections and code enforcement. Insurance costs remain minimal as a result of minimizing claims for over 60 years. The Authority operates with five full-time employees.

 

            We work closely with our auditors from EFPR Group LLP to assist in analysis of financial implications so we can make informed decisions.

 

            Looking ahead, we will continue to provide new facilities combined with the projects already launched in fiscal 2016-2017 which will result in another record year.

 

            The Market continues to move forward in keeping with its mission as one of the country’s most modern storage and food distribution centers. We would like to thank the members of our staff, our tenants, the Board of Directors and the NYS Department of Agriculture for the goodwill and cooperation they have continually exhibited.

 

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