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Niagara County Industrial Development Agency approves application for assistance from new owners of AES

by jmaloni
Wed, May 23rd 2012 03:30 pm

Michael McNally appointed to board of directors

Press release

At the request of various taxing jurisdictions, including the Town of Somerset, the Barker School District and Niagara County, the Niagara County Industrial Development Agency board of directors approved an application for assistance Wednesday from the bondholders of AES Somerset for a modification of a payment in lieu of taxes as well as a mortgage recording tax abatement. The three taxing jurisdictions all passed resolutions seeking support from the NCIDA for the assistance package from the AES bondholders.

"The actions by our board today regarding AES were the result of the requests from the taxing jurisdictions," said NCIDA Chairman Henry M. Sloma. "AES Somerset has been an economic anchor in our community for years and, if the plant were to close, it would have devastating economic impacts - not to mention the 115 individuals who would have lost their jobs. We, as a community, could not allow that to happen if there was anything that we could do on our part to save the plant from closing."

The bondholders are comprised of approximately 20 institutional investors who plan to invest approximately $70 million in the facility over the next couple of years. AES Somerset employs 115 workers with an annual payroll of $15.4 million.

In other agency news, Michael McNally, business manager for the plumbers and steamfitters Local 22, was appointed to the NCIDA board of directors.

"We are delighted to have Mike join our board," Sloma said. "I know he will make a positive contribution to our deliberations as we continue to work to retain jobs as well as bring new jobs and investment to Niagara County."

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