The Western New York Power Proceeds Allocation Board voted to recommend $150,000 in funding to Triad Recycling and Energy Corp., which is based in Tonawanda. The funding will pay for a portion of the costs associated with a business expansion project at the company, which specializes in recycling of construction and demolition debris in Western New York. WNYPPAB's recommendation is expected to be considered by the New York Power Authority board of trustees at a future date.
"The funding recommended today will allow a Western New York company to reduce its costs, enhance its profitability and create jobs in the region," said WNYPPAB Chairman Anthony J. Colucci III. "In addition, Triad provides an important service to the community by diverting landfill waste streams and processing waste materials so they can be reused in new products. We continue to welcome additional applications for funding awards, especially those that create new, well-paying job opportunities in the region."
Triad will use WNYPPAB recommended funding to support its expansion by helping it to add machinery and equipment to process plastic carrier film and wood locally. The funding will specifically go toward the purchase and installation of a wind turbine to energize the new equipment. The project will reduce trucking and energy costs and carbon emissions, and increase the amount of waste diverted from landfills. The project will retain 12 and create three positions and is expected to cost approximately $1 million.
The latest recommendation for proceeds awards stem from legislation signed into law by Gov. Andrew Cuomo, known as the Western New York Power Proceeds Allocation Act. The legislation authorizes net earnings from the sale of unused hydropower from NYPA's Niagara Hydroelectric Power Plant to be deposited into the Western New York Economic Development Fund to support economic development in Western New York.
The fund has accrued approximately $41 million to date. Approximately $35 million from that amount has been approved for awards by the NYPA trustees on the basis of earlier recommendations by the proceeds allocation board. These earnings are designated to spur capital investments and job growth.
The WNYPPAB reviewed this and other applications for fund proceeds in accordance with requirements of the act. The allocation board also considers the extent to which an award would be consistent with the strategies and priorities of the area New York regional economic development councils. Contracts with awardees will include provisions for periodic audits to ensure that the funds are utilized for agreed-upon purposes. Some projects are subject to legal requirements that must be satisfied before an award of Fund proceeds can be made.