WHITE PLAINS – (RealEstateRama) — The New York Power Authority Board of Trustees approved on Tuesday funding awards under the Power Authority’s Western New York Power Proceeds program and a hydropower allocation to a Niagara firm. Those actions are expected to lead to capital investments of more than $3.6 million and support 53 jobs, including 38 new positions
Gil C. Quiniones, president and chief executive officer, NYPA, said, “These latest actions by the NYPA Board of Trustees are emblematic of the variety of methods by which the Power Authority supports enterprises in Western New York. Low-cost hydropower is the backbone of the Power Authority’s economic development programs and by leveraging its use, NYPA helps make the Buffalo-Niagara region a more attractive place to grow a business.”
The trustees awarded $200,000 to Platters Chocolates so that it can relocate into a 23,000-square-foot facility in the historic Wurlitzer building in Niagara Falls. The more than $1.3 construction project will allow the firm to retain its 15 employees and expand, hiring 35 new positions.
Niagara Falls Heritage Area, a bus and trolley service in the Niagara region, will receive $200,000 for the operation of the “hop on, hop off” transportation service, which has seen increasing use since it launched early last month.
Niagara Coatings Services, a provider of sandblasting, coating and painting services for industrial equipment structures, was allocated 125 kilowatts of low-cost Niagara hydropower to facilitate the firm’s expansion to a second manufacturing plant nearby. The nearly $500,000 expansion project will lead to the creation of three new jobs. Niagara Coatings also receives a 200 kW hydropower allocation from NYPA in support of its existing 25 positions.
The latest proceeds awards stem from legislation signed into law by Governor Andrew M. Governor Cuomo, known as the Western New York Power Proceeds Allocation Act. It authorizes net earnings from the sale of unused hydropower from the Power Authority’s Niagara Power Plant to be deposited into the Western New York Economic Development Fund to support economic development.
The fund has accrued more than $41 million to date, with about $32 million approved for awards by the NYPA trustees. The earnings are designated to spur capital investments and job growth. Eligible projects must be located within a 30-mile radius of NYPA’s Niagara Power Project in Lewiston.
Low-cost Niagara hydropower is available for companies within a 30-mile radius of the Niagara hydroelectric power plant or businesses in Chautauqua County. The hydropower is linked to tens of thousands of existing jobs.
About NYPA:
NYPA is the nation’s largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. For more information visit http://www.nypa.gov/and follow us on Twitter @NYPAenergy, Facebook, Instagram, WordPress, and LinkedIn.
About Reforming the Energy Vision:
Under Governor Cuomo’s strategic initiative Reforming the Energy Vision, (REV) New York State spurs clean energy innovation, brings in new investments, improves consumer choice while protecting the environment and energizing New York’s economy. By unleashing innovation, overcoming markets barriers and empowering communities, New York is pioneering a new statewide approach, giving customers greater opportunities for energy savings, local power generation, and enhanced reliability. New Yorkers will benefit by access to a safe, clean and affordable energy infrastructure that creates jobs and provides economic development.
Contact:
Paul DeMichele | Paul.DeMichele (at) nypa (dot) gov | (914) 390-8186
