WHITE PLAINS – (RealEstateRama) — The New York Power Authority Board of Trustees has approved $2.58 million in awards to three Buffalo enterprises that are expected to lead to more than $40 million of capital investments and protect 17 jobs.
The funding recipients are Explore & More children’s museum, General Mills Operations and Buffalo Arts and Technology Center.
The awards are being given under the Power Authority’s Western New York Power Proceeds program. It enables 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.
Gil C. Quiniones, president and chief executive officer, NYPA, said, “The Power Authority takes a multi-faceted approach to economic development, working closely with businesses to support them in a variety of ways. This program is a prime example of our ability to provide financial assistance to enterprises in need of immediate cash flow.”
The trustees awarded $1.7 million to Explore & More children’s museum to establish a 40,000 square-foot facility on Canalside in downtown Buffalo for exhibits and educational play zones. The $13 million construction project is also being supported by Erie Canal Harbor Development Corp. and Empire State Development.
General Mills Operations, a food company, will receive $500,000 to purchase new cereal processing and packaging equipment and upgrade ingredient unloading systems, large packaging and material handling systems, and employee skills. NYPA currently supports the firm with 5,100 kilowatts of low-cost hydropower and a 500-kW ReCharge NY allocation in exchange for retaining 400 jobs. This award will lead to the retention of 17 more positions. ESD is also supporting General Mills with a $500,000 tax credit.
Buffalo Arts and Technology Center will receive $380,000 to provide career training courses to under-represented populations in Buffalo. The NYPA funding will support three years of programming costs.
The latest proceeds awards stem from legislation signed into law by Governor Cuomo to create the Western New York Economic Development Fund, which has accrued more than $41 million to date, with about $32 million approved for awards by the NYPA trustees.
Eligible projects must be located within a 30-mile radius of NYPA’s Niagara Power Project.
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.
Paul DeMichele | Paul.DeMichele (at) nypa (dot) gov | (914) 390-8186