On Wednesday, the Niagara Area Development Corporation board of directors received an application for assistance for consideration from Covanta Energy to refinance $165 million of existing tax-exempt bonds.
The Covanta Energy facility, located at 100 Energy Blvd., at 56 St., Niagara Falls, is a fully permitted and operational 821,000-ton-per-year energy-from-waste facility producing steam and electricity from municipal and commercial solid waste. Covanta Holding Corp. is seeking to refund $165.01 million in aggregate of existing Niagara County Solid Waste Disposal Facility Revenue bonds from 2001. The company employs 86 individuals.
The NADC was established by the Niagara County Legislature as a Local Development Corporation. Members of the NADC are appointed by the Niagara County Legislature and are the same as the board members of the NCIDA. The staff of the NCIDA administers and manages the NADC under an administrative services agreement with Niagara County.