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ECGRA Extends Impact of Gaming Funds through Long-Term Investment in Lead Assets

Posted on December 19th, 2019 at 12:54 PM
ECGRA Extends Impact of Gaming Funds through Long-Term Investment in Lead Assets

Erie County Gaming Revenue Authority (ECGRA) awarded $468,895 today to the nine Lead Asset organizations, extending the long-term impact of gaming revenue in Erie County.  Since 2011, ECGRA has made nine major cash investments in each of the nine organizations totaling $5,582,008.60.

In 2011, ECGRA designated and made its first investment in the Erie County Lead Assets.  These nine place-shaping, culture-, heritage-, and entertainment-based nonprofits, essential to the continued vitality of the region, are: Erie Art Museum, Erie Arts & Culture, Erie County Historical Society, Erie Philharmonic, Erie Playhouse, Erie Zoological Society, expERIEnce Children's Museum, Flagship Niagara League, and the Mercyhurst Institute for Arts & Culture.

"The arts and culture sector creates jobs and produces tax revenue," said Patrick Fisher, Executive Director, Erie Arts & Culture.  "These lead assets are economic assets that stimulate business activity, attract tourism revenue, retain a high-quality workforce, and stabilize property values.  ECGRA's investment in arts and culture is a successful and sustainable strategy for revitalizing rural areas, inner cities, and populations struggling with poverty."

In 2012, ECGRA committed to sustain the Lead Assets in perpetuity and created the Erie County Lead Assets Endowment, now valued at $13.9 million, held in trust at the Erie Community Foundation.