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Western New York Power Proceeds Allocation Board recommends funding for Moog

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Tue, Jun 6th 2017 03:25 pm
The Western New York Power Proceeds Allocation Board voted Tuesday to recommend $1.6 million in funding to Moog Inc. The funding would pay for a portion of costs associated with its Niagara Falls renovation/expansion project.
 
WNYPPAB's recommendation is expected to be considered by the New York Power Authority board of trustees at a future date.
 
"The funding recommendation today contributes to an expansion at Moog that will add a high-tech facility in Wheatfield, add local jobs and bolster the space and defense industries in our region," said Western New York Power Proceeds Allocation Board Chairman Anthony J. Colucci III. "We continue to welcome additional applications for funding awards, especially those that create new, well-paying job opportunities in the region."
 
Details on the project recommended by the Western New York Power Proceeds Allocation Board include:
 
Moog Inc.: Recommended award amount: $1,600,000. Moog will use WNYPPAB recommended funding to support efforts to renovate its Niagara Falls space propulsion facility by replacing aged equipment with energy efficiency systems and adding two buildings totaling approximately 10,000 square feet in space. The project will retain 50 jobs and create 100 positions at the project site. It is expected to cost approximately $26 million.
 
The latest recommendations 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 Western New York Power Proceeds Allocation Board reviewed the Moog and other applications for fund proceeds in accordance with requirements of the act. For example, eligible projects must be located within a 30-mile radius of NYPA's Niagara Power Project. 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 council.
 
Contracts with awardees will include provisions for periodic audits to ensure 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.
 
The power proceeds board is comprised of the following members, appointed by Cuomo: Chairman Colucci, managing attorney of the law firm of Colucci & Gallaher in Buffalo; Deanna Alterio Brennan, vice president of social enterprise for the YWCA; Brenda Williams McDuffie, president of the Buffalo Urban League; and Dennis W. Elsenbeck, head of energy and sustainability, energy consulting service for Phillips Lytle LLP.

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