August 2012 - Empire State Development - New York State

II.
Project Cost and Financing Sources
Financing Uses
Amount
Consulting Services of Edward Lowe
Foundation, including administration/
subconsultant fees and travel $100,125
Grantee Salaries 91,875
Grantee Marketing, Travel and Events 40,500
Local Economic Development Agency
Salaries 26,250
Local Economic Development Agency
Travel 5,000
Computer Hardware and Software 56,315
Rent and Administrative Costs* 80,016
Total Project Costs $400,081
Financing Sources Amount Percent
ESD-Grant $200,000 50%
Grantee Equity** 200,081 50%
Total Project Financing $400,081 100.0%
* Pro-rated operating expenses for GRE
** From GRE’s operating budget, supported by corporate contributions.
III.
Project Description
A. Grantee Background
Industry:
Grantee History:
Ownership:
Size:
Market:
Greater Rochester Enterprise is a regional economic development
organization dedicated to improving economic performance in the
Rochester/Finger Lakes region (the “Region”).
Formed in 2003, GRE is a 501(c) (6) corporation governed by a board of
private and public sector leaders.
Private, not-for-profit organization
GRE has a staff of nine, which operate out of its Rochester office. Its
members include many of the counties and employers, and some of the
municipalities, in the Region.
The project’s target market is second-stage businesses. (See Activity
section below for how these are defined.) These businesses are proven
job generators. They have survived the start-up phase and generally
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