GEIDC files for Chapter 7 bankruptcy protection

Local News

The Greater Erie Industrial Development Corporation (GEIDC) has filed for Chapter 7
bankruptcy protection.

GEIDC is only one affiliate doing business as “DevelopErie.”  The other affiliates are:   the
Economic Development Corporation; the Enterprise Development Fund; EIDCO; the Erie
County General Authority; the Erie County Industrial Development Authority; and the Erie
County Community Services Financing Authority.     Those affiliates will remain viable and continue normal operations but will be restructured.

As part of this restructuring, the Board has accepted the resignation of the President and Chief Executive Officer, Katrina Smith Vincent.  Ms. Vincent’s last day with DevelopErie will be May 20th.  Her departure will be preceded by long-time Director of Development, Bob Grice, Chief Operating Officer, Regina Smith and Executive Assistant, Karen Spilko.
In order to preserve the core functions of the Enterprise Loan Fund, State Capital Assistance Projects, and other services provided by the affiliates, certain personnel essential to those particular activities will remain with the DevelopErie organization.

It is expected that the Board of Directors of each affiliate will take a somewhat larger role in day to day operations for the time being. 

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