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                                                                                                                  June 2017

News Release from Brendan Tydings, Administrator
                          and Dennis Piedimonte, Chairman

               The Genesee Valley Regional Market Authority has completed their 66th year of operations, recording gross revenues of approximately $3,352,352.

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 Rd. We completed another 14,000 sq ft building on the site this year which is home to Smash It Sports, a baseball and softball equipment retailer. Several people are interested in additional square feet. We are continuing our ambitious capital improvement program. We painted a number of buildings, repaired catch basins, blacktopped 40,000 square feet and sealed about 400,000 square feet of parking lots and roads.

               We continue to remain at 100% capacity and have numerous requests for additional space from not only existing tenants but new potential tenants as well. We are seeing market values for space here at the market remain stable.

               New tenants on the market include: MIA Industries, GM Welding, Quantbridge Capital and Kapic Realty.

               We provided $1,234, 550 of support for different agribusinesses including the Ag Workforce Development Council, Lake Ontario Wine Trail, Orleans County Cornell Cooperative Extension, New York Wine and Grape Foundation, New York Wine and Culinary Center, New York Apple Association and the NYS Agricultural Experiment Station in Geneva where they are researching hops, hard cider variety development, accelerating production of organic grains and conducting research to support the agricultural economy.

The Market Authority continues to work with the Town of Henrietta and Chili on building permits, building inspections, code enforcement and property development. Insurance costs remain minimal as a result of minimizing claims for over 65 years. The authority operates with four 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 2017 – 2018 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.