Trustees also approve power proceeds funding
The New York Power Authority Board of Trustees approved an allocation of 100 kilowatts of low-cost hydropower Thursday to Finger Food Products for an expansion project in Niagara County. The $3 million project will lead to the creation of 11 new jobs.
Finger Food Products is the original manufacturer of pizza logs and is looking to expand to a new, larger facility in the Vantage International Pointe Business Park in Wheatfield. Renovations at the new location are expected to be completed in June 2016.
In addition, the NYPA trustees approved $285,000 under the Western New York Power Proceeds initiative to Borderworx Logistics in Niagara County. The firm is located on Grand Island, where it currently leases space, and is also looking to expand in the Vantage business park, creating one new job and retaining its 10 current employees.
John R. Koelmel, NYPA chairman, said, "The economic development capabilities of the Niagara Power Project are incredibly diverse and flexible. By offering both inexpensive hydropower and the revenues of that power, NYPA is able to help ensure we keep businesses in the Buffalo-Niagara region."
Low-cost Niagara hydropower is reserved for companies within a 30-mile radius of the Niagara hydroelectric power plant in Lewiston or businesses in Chautauqua County and is currently priced more than 30 percent less than wholesale electricity in the Buffalo-Niagara region. The hydropower is linked to tens of thousands of existing jobs.
Western New York Proceeds awards are made possible from net earnings obtained from the market sale of unused Niagara hydropower and stem from legislation signed into law in 2012 by Gov. Andrew M. Cuomo. Recommended awards are made by the Western New York Power Proceeds Allocation Board.
Including the latest awards, 28 enterprises have received roughly $22 million in funding since 2013. Through the end of July, NYPA has provided more than $41 million to the proceeds fund.