Hornell IDA Gets Clean Audit

April 26th, 2018

HORNELL, NY – Matt Montalbo and Nichole Ruf from Drescher & Malecki attended Thursday IDA meeting and had some good news for the board. Basically the IDA is in great financial shape with a huge increase in cash on hand from the previous year. Also of note was operating revenue versus expenses, which has been taking a very favorable trend in recent years. Revenues are just under $1.2 million and expenses a little over $700,000 creating the widest surplus margin in recent years.

In other news Hornell IDA Director Jim Griffin announced Thursday afternoon that they have given the green light for Simmons Rockwell to erect a very large sign a bit north of their new Nissan dealership near the 4 corners of the Interstate on land owned by the IDA. The new sign would cost over $70,000 and be clearly visible from Interstate 86. Griffin said he added one stipulation for allowing them permission to use their land; the sign has to say “Welcome to Hornell” on it somewhere. Simmons Rockwell does not plan on purchasing the property, just long term leasing it.

Griffin has been in talks with Lin Industries located at 6314 Icehouse Road about putting an addition on their building. Lin Industries (LI) is a Just-In-Time (JIT) supplier of vehicle sub-assemblies and distributor of components to the North American transportation industry. “We will be meeting with them Monday, and they are considering an expansion on the plant we own that they have been leasing for many many years. We’re in the process of hiring an architect to lay out some options for the addition. I would like to get it narrowed down on what the cost would be.”

Also Griffin got approval from the board to get appraisals on small parcels of land (6 pieces between ½ acre and 1 acre) near the new Riedman Apartments on Fairlawn Ave. They then can decide what would be a reasonable asking price for the parcels if nearby landowners are interested in buying it, or it eventually ends up on the market.

And finally, the IDA is considering forgoing the remainder of the lease on the Amextra building located on Bank Street. Amextra had originally signed a 10 year lease at $10,000 per year to rent the building, but according to Griffin it’s costing them all of that and more every year to make renovations. “We are now in our 4th year with the lease, and instead of just passing money back and forth, it would make more sense to just turn the title over to them and forgive the remainder of the lease, and let them be responsible for any upgrades or repairs that need to be made in the future.”

              Sam Nasca & Jim Griffin