Hornell IDA Paves Way for GMI Building Purchase

March 24, 2017

HORNELL, NY – At Thursday afternoon’s monthly gathering of the Hornell IDA a resolution was passed that allows Gray Manufacturing (GMI) to purchase their current building from the IDA for $500,000. According to the terms of the deal, half of the previous rents payed to the IDA will go toward the purchase price which now stands at $391,700. The pilot will be based on the assessed value of $500,000. GMI purchased a different building from the IDA last year and now owns the entire complex.