The Geneva Industrial Development Agency is weighing options for the aging Geneva Enterprise Development Center (GEDC), which continues to lose money largely due to low rental income — especially from the city itself, according to Finger Lakes Times.
The city pays just $1,000 per month for over 30,000 square feet, or about 38 cents per square foot — far below the $4 to $12 market rate. IDA officials say this “sweetheart deal” contributes to a budget shortfall and limits funds for needed repairs.
Leaders are considering selling the building to a private developer to stabilize finances. A decision is expected within six months.
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