Page 1 of 2 12 LastLast
Results 1 to 15 of 18

Thread: E&E suffers profit drop/ offset by Fed Dollars and IDA tax breaks ??????

  1. #1
    Member
    Join Date
    Oct 2005
    Posts
    10,873

    E&E suffers profit drop/ offset by Fed Dollars and IDA tax breaks ??????

    Profits slide at Ecology & Environment

    By David Robinson
    News Business Reporter

    Ecology & Environment's first-quarter profits slid by 5 percent as a more than $800,000 gain from the sale of land near its Lancaster headquarters helped offset a 26 percent drop in its operating profits.
    ++++++++++++++++++++++++++++++++++++++++++++++
    Supervisor B.Giza's efforts bear fruit for local Company's.

    They receive IDA tax breaks on all their property's. They don't pay their fair share of local taxes. The land sold for over $900,000.00. -

    As a result, E&E's profits slipped to $1.4 million, or 34 cents per share, from $1.48 million, or 35 cents per share, a year earlier.
    -
    So are we supposed to feel bad because their profits are only $1.4 Million instead of last years $1.48 Million PROFIT$$$$$$$$$$$
    -
    The $900,000.00 they made from the land sale was financed by Federal tax dollars, yes Federal money paid close to $40,000.00 an acre for wetlands that have been selling four $10,000.00 an acre.
    -
    The Lancaster Airport bought that land with Fed Money, they were given
    $13 Million to expand their "Private Venture Airport"
    -
    Lancaster Airport and E & E are both recieving IDA Tax Breaks. So lets all feel sorry for those eating our tax dollars.
    #Dems play musical chairs + patronage and nepotism = entitlement !

  2. #2
    Member
    Join Date
    May 2009
    Location
    Lancaster, NY
    Posts
    1,713
    Sickening, isn't it???????

  3. #3
    Member
    Join Date
    Jul 2009
    Posts
    6,675

    Well well well

    I think we need to give them a food basket. Sorry for the cheap shot, but in today's times we are getting embolden to these ridiculous tax breaks!
    Thanx 4248

  4. #4
    Tony Fracasso - Admin
    Join Date
    May 2003
    Location
    Buffalo, New York, United States
    Posts
    64,947
    Is there a business in erie county that is their competitor?

  5. #5
    Member
    Join Date
    Oct 2005
    Posts
    10,873

    Walsh

    The company's(E&E) revenues grew to $39.5 million during the quarter that ended in October from $33.7 million a year earlier as sales at its Walsh Environmental subsidiary soared by 74 percent to $13.9 million.

    Most of the increase in Walsh's revenues came from additional work in the environmental cleanup and energy markets, E&E said in a filing with the Securities and Exchange Commission. That helped offset a modest decline in work on contracts that E&E has won from various states.

    Excluding the sharply rising subcontracting costs at Walsh, E&E's revenues were flat at $29 million, company officials said Wednesday.


    #Dems play musical chairs + patronage and nepotism = entitlement !

  6. #6
    Member
    Join Date
    Jul 2009
    Posts
    6,675

    OK in today's Bufnews

    "Revenues rise, but profits slip at E&E"
    -Let's recap people. They state profits slip, but had a gain from a land sale of $800,000 on 16.5 acres of land. stated in the Bufnews.
    -To clarify according to Mr. Marrano~~or some office in his building~~E&E sold 20 acres.

    ~~~~To recap // clarify~~~What the hell is the correct information please?

    well let's see, is it 16.5 acres or 20 acres? Did they sell it for 938,000 or 800,000?

    ~~~~~~~~~~~Let's do the math according to the Bufnew~~~~~~~~~
    ~~~~~~~938 divided by 16.5 equals 57,000 dollars an acre.

    Holy you know what....only in Lancaster do we get variable numbers and figures. Now we are not debating the wonderful gain for E&E, what we are questioning is what is the real figures here?

  7. #7
    Member gorja's Avatar
    Join Date
    Jan 2007
    Location
    Lancaster, NY
    Posts
    13,150
    Originally posted by shortstuff:
    "Revenues rise, but profits slip at E&E"
    -Let's recap people. They state profits slip, but had a gain from a land sale of $800,000 on 16.5 acres of land. stated in the Bufnews.
    -To clarify according to Mr. Marrano~~or some office in his building~~E&E sold 20 acres.

    ~~~~To recap // clarify~~~What the hell is the correct information please?

    well let's see, is it 16.5 acres or 20 acres? Did they sell it for 938,000 or 800,000?

    ~~~~~~~~~~~Let's do the math according to the Bufnew~~~~~~~~~
    ~~~~~~~938 divided by 16.5 equals 57,000 dollars an acre.

    Holy you know what....only in Lancaster do we get variable numbers and figures. Now we are not debating the wonderful gain for E&E, what we are questioning is what is the real figures here?
    This is just a guess. Maybe when they (E&E) purchased that property the acreage was calculated to be worth $129,000, then selling it for $938,000 would be an $809,000 gain.

    Georgia L Schlager

  8. #8
    Member
    Join Date
    Jul 2009
    Posts
    6,675

    OK I'll buy that,

    Quote Originally Posted by gorja View Post
    This is just a guess. Maybe when they (E&E) purchased that property the acreage was calculated to be worth $129,000, then selling it for $938,000 would be an $809,000 gain.
    but what is the total acreage that was sold is the million dollar question.

  9. #9
    Member gorja's Avatar
    Join Date
    Jan 2007
    Location
    Lancaster, NY
    Posts
    13,150
    The numbers on Erie County's site state $940,000.

    ERIE COUNTY CLERK'S OFFICE
    OFFICIAL RECORDS PUBLIC SEARCH


    DOCUMENT DETAIL: (LAND)
    Doc Type: DVO
    Doc Group: DEED
    CFN: 2009186013
    Date/Time: 09/16/2009 10:38
    Book Type: D
    Book/Page: 11169/6634
    Pages: 4
    Consideration: $940000.00
    Status: V
    TT ID#:
    Tax ID#: TT2009003127
    Legal 1: LAN 8-2 11/6

    Parties
    D ECOLOGY&ENVIRONMENT INC
    R LANCASTER AIRPORT INC

    Long Legal 1TownMap/Hostel/ParcelZipProp Type
    LAN4493 WALDEN AVE


    Georgia L Schlager

  10. #10
    Member gorja's Avatar
    Join Date
    Jan 2007
    Location
    Lancaster, NY
    Posts
    13,150
    Originally posted by shortstuff:
    but what is the total acreage that was sold is the million dollar question.
    I guess, we have to have trust in our assessor who stated that it was 20 acres. The Buffalo News don't always have the facts straight.

    Georgia L Schlager

  11. #11
    Member
    Join Date
    Jul 2009
    Posts
    6,675

    Hmm, now we hear so many different

    Quote Originally Posted by gorja View Post
    I guess, we have to have trust in our assessor who stated that it was 20 acres. The Buffalo News don't always have the facts straight.
    figures, but if in the paper, I wonder what it is in the records. Good find though as usual.

    I am trying to trust the assessor.

  12. #12
    Member gorja's Avatar
    Join Date
    Jan 2007
    Location
    Lancaster, NY
    Posts
    13,150
    From their own Buffalo News Erie County real estate transactions section-
    http://www.buffalonews.com/407/story/847553.html

    LANCASTER
    • 4493 Walden Ave., Ecology&Environment Inc. to Lancaster Airport Inc., $940,000.
    But nowhere can I find the amount of acreage.

    Georgia L Schlager

  13. #13
    Member
    Join Date
    May 2009
    Location
    Lancaster, NY
    Posts
    1,713
    [QUOTE=gorja;583798]But nowhere can I find the amount of acreage.[/QUOTE

    I believe kevinl had same issue not being able to verify exact acreage sold.

  14. #14
    Member
    Join Date
    Mar 2008
    Posts
    8,919
    Concerning the E&E land sale

    In speaking with the Town Assesor the following was learned:

    The sale price to the airport was $940,000. The purchase information will not become available until sometime earlier in the year as there was a split - SBL - 95.00-4-20 will be split into E&E remaining property of 17.5 acres (with a building) with an SBL- 95.00-4-20.1. The property purchased by Lancaster Airport Inc. will have an SBL - 95.00-4-20.2

    The parcel of land sold was 16.54 acres.

    That would mean the airport paid near $57,000 per acre for undeveloped land, with frontage only on Ransom Road and backing up to railroad tracks. Outrageous? You betcha! But of course, the federal and state governments (taxpayers) will pick up the tab. Who did the appraisal for the airport?

    Rebar (down the street from the airport) paid $350,000 for 48 acres (frontage on Walden); $7,292 per acre. Another piece of property on Walden and Cemetery was purchased for $14,000 an acre, more money because sewers were in.

    The Vine Weseleyan Church at Bowen and William paid $850,000 for 55 acres of residential property; $15,455 per acre.

    As I keep asking, who profits on the Lancaster Airport expansion. Certainly not the residents.

  15. #15
    Member
    Join Date
    Oct 2005
    Posts
    10,873

    same song different dance

    It has occurred to others and myself -
    • that whenever the Town Board finally admits to knowing something -
    • or why certain properties like the houses on William St aren't properly assessed,
    • or seemingly unjust tax breaks are given by Lancaster's IDA or there is no enforcement of their conditions
    • - SEQR reviews are flubbed, wetlands are wrongfully filled -
    • $13 Million fed dollars used to expand the Lancaster Airport and residents raise safety issues - -
    • Millions spent wrongly on the Cole Craft building deal

    Why when all is said and done - the concerned tax payers are always wrong - no true corrective actions are taken by our elected officials , no tax revenue is recovered and developers always win!


    Lancaster's Town Government is the best money can buy !
    #Dems play musical chairs + patronage and nepotism = entitlement !

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •