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The New York Power Authority board of trustees has approved hydropower and funding incentives to 3M Company in Erie County and North Country Dairy and Criscitello & Criscitello in St. Lawrence County, to create 40 jobs and generate more than $17 million in capital investments.
“Our Niagara and St. Lawrence hydropower provides a significant economic development impact throughout the state, but especially in the communities immediately around our facilities,” said Gil C. Quiniones, NYPA president and CEO. “These economic development incentives are creating jobs and providing an influx of capital investments.”
In Western New York, 3M Company, a manufacturer of cellulose sponges in Tonawanda, is receiving 350 kilowatts (kW) of low-cost Niagara hydropower to create at least 18 jobs and $14 million in capital investments as part of a project that calls for new equipment and a 2,737-square-foot expansion to its facility. 3M is an existing NYPA power customer with commitments to retain 345 jobs.
The hydropower allocation is provided under a seven-year contract and drawn from blocks of power from the Power Authority’s Niagara Power Project. Low-cost Niagara hydropower is reserved for companies within a 30-mile radius of the Niagara power plant or for businesses in Chautauqua County. Hydropower allocations are already linked to thousands of jobs in those regions.
Empire State Development President, CEO and Commissioner Howard Zemsky said, "Across New York, state agencies and local partners are working together to create jobs and encourage sustainable economic growth."
NYPA's hydropower allocations from the St. Lawrence-Franklin D. Roosevelt Power Project are provided to manufacturers under seven-year contracts and are reserved for businesses in Franklin, Jefferson and St. Lawrence counties.
The funding award applies net earnings from unutilized hydropower from the St. Lawrence-FDR Power Project in Massena to St. Lawrence County businesses and institutions. The Northern New York Power Proceeds Act, which was authorized by Gov. Andrew Cuomo in December 2014, allowed for NYPA to deposit the net earnings from the market sale of unutilized electricity into a fund, which can then be used to support economic development projects in St. Lawrence County.
The Northern New York Power Proceeds Allocation Board makes regular funding recommendations on economic development projects in St. Lawrence County to the NYPA board.
For businesses interested in applying for economic development incentives from NYPA, visit the NYPA website.