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For Immediate Release:
February 3, 2010
Contact:
Matt Davison (ECHDC) |
mdavison@esd.ny.gov | (716) 846-8258
NYS Power Allocation Board Approves Industrial
Incentive Package for Revitalization of Buffalo Waterfront
Expedited funding agreement officially authorized by State
On Tuesday, February 2, 2009 the New York State Economic Development
Power Allocation Board (EDPAB) officially authorized the New York
Power Authority (NYPA) to utilize net revenues from the Niagara
Power Project for an expedited funding package and Industrial
Incentive Award to the Erie Canal Harbor Development Corporation (ECHDC).
Such funds will help support future waterfront redevelopment efforts
in the Western New York region, including the exciting Canal Side
inner harbor revitalization project.
EDPAB’s action follows the December 12, 2009
announcement by Governor David A. Paterson of a renewed
commitment from New York State in support of the redevelopment
efforts at Buffalo’s inner and outer harbor areas. The announcement
preceded the NYPA trustees’
approval several days later of a bolstered funding stream
and Industrial Incentive Award to ECHDC for a total of $8.4 million
a year for 20 years.
“I’m pleased the EDPAB could assist in securing funding for
Buffalo’s waterfront revitalization through yesterday’s approval of
the Industrial Incentive Award,” said EDPAB chairman Kenneth A.
Schoetz. “We recognize the importance of inner and outer harbor
redevelopment to the city’s economic resurgence and are delighted to
play a part in helping further the Governor’s goals for this
region.”
Under New York State law, EDPAB must approve the use of the
Industrial Incentive Awards, which are funded through net revenues
from the sale of a certain block of hydropower deemed Expansion
Power. This Expansion Power is one of the two large amounts of
low-cost Niagara power that account for more than one-third of the
project’s generating output and is linked to supporting widespread
job creation and retention across Western New York.
“This represents the last step necessary in finalizing an agreement
that will deliver $55 million in net new funding, and $105 million
in total, to support waterfront development efforts in Western New
York,” said U.S. Congressman Brian Higgins. “I would like to thank
Governor Paterson, NYPA President Richard Kessel and ECHDC Chairman
Jordan Levy for their cooperation and commitment to what will be a
transformative project for this region.”
“The action yesterday by EDPAB fulfills a legal requirement for the
Power Authority’s issuance of the Industrial Incentive Award to the
Erie Canal Harbor Development Corporation as part of a plan for
enhanced funding for the Buffalo waterfront development,” said NYPA
president and chief executive officer Richard M. Kessel. “Our thanks
to Chairman Schoetz and the EDPAB board for moving the process
forward to allow us to provide this additional financial support.”
EDPAB, which was established by a 1987 state law, recommends
allocations of electricity with regard to four statewide and
downstate power programs administered by NYPA, with those
initiatives linked to approximately 320,000 jobs.
“The Governor and his team at NYPA and ESD honored their pledge to
support the redevelopment effort here in Buffalo, moving us one-step
closer to creating the transformational waterfront that the people
of this region deserve, said ECHDC Chairman Jordan Levy. “ECHDC is
extremely thankful to Governor Paterson and the EDPAB for taking
Tuesday’s proactive step to bolster the waterfront effort here in
Western New York.”
“The additional support provided by New York State and authorized by
the power allocation board ensures that our efforts to make Canal
Side a reality remain on-track,” said ECHDC president Thomas P. Dee.
“This approval is more good news for Buffalo and something that
ECHDC certainly expected, but never took for granted.”
Erie Canal Harbor Development Corporation is a subsidiary agency of
Empire State Development Corporation (ESD). Its vision is to
revitalize Western New York's waterfront and restore economic growth
to Buffalo based on the region's legacy of pride, urban significance
and natural beauty. ESD is the New York's chief economic development
agency and also oversees the marketing of "I Love NY," the state's
iconic tourism brand. For more information, please visit
www.eriecanalharbor.com
or www.nylovesbiz.com.
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