Niagara Area Development Corp. approves application to refinance tax-exempt bonds from Covanta Energyby jmaloni
The Niagara Area Development Corporation board of directors last week approved 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. The company employs 86 individuals.
Covanta Holding Corp. has been approved from the NADC to refinance $165.01 million in aggregate of existing Niagara County solid waste disposal facility revenue bonds from 2001.
The NADC was established by the Niagara County Legislature as a Local Development Corporation. Members of the NADC are appointed by the 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.