posted on December 20, 2012 16:53
The Board of the Genesee County Economic Development Center handed out its annual bonus this afternoon.
By a 5 to 2 vote, the Board authorized a bonus pool of $120,000, most of which will go to EDC president Steve Hyde.
This is the last time bonuses will be paid out by the county’s economic development agency.
The EDC bonuses have been a lightening rod for public criticism and even threatened the passage of the upcoming county budget.
The GCEDC declined comment regarding compensation following the meeting. In a statement, it says it voted to eliminate the current incentive compensation program “after listening to the concerns of the community.” Due to the addition of Muller Quaker Dairy and Alpina to the area, the statement says, “the GCEDC board believes the incentive compensation earned by the staff for 2012 is well deserved based on their excellent performance and in place employment contract.”
As the bonus plan this year was approved, a board also gave Hyde a pay raise next year to increase the total to $195,000 with $10,000 in deferred compensation.
Regarding the STAMP project site in the Town of Alabama, the Board today also addressed acquiring the land and setting up a line of credit for a $1.2 million loan.
The Town of Alabama recently approved a zoning change for the Science andTechnology Advanced Manufacturing Park to keep the plan moving forward.
The EDC was awarded yesterday with $500,000 from the state to put toward the project.