ECONOMIC DEVELOPMENT POWER

ALLOCATION BOARD

MINUTES

May 24, 2005

VideoConference – 10:00 a.m.

                                                                                                         New York Power Authority Offices:

123 Main Street, 16^th Floor, White Plains, NY

30 South Pearl Street, 10^th Floor, Albany, NY

Louis P. Ciminelli Construction, 369 Franklin Street, Buffalo, NY

Empire State Development Corporation, 633 Third Avenue, New York, NY

1.                    Approval of the Minutes of the Meeting of March 29, 2005

2.                    Power for Jobs Extended Benefits Recommendations for

Electricity Savings Reimbursements

OTHER BUSINESS

3.             Next Meeting

            A regular meeting of the Economic Development Power Allocation Board was held via video conference at the following participating locations:

1)       New York Power Authority, 30 South Pearl Street, Albany NY

2)       New York Power Authority, 123 Main Street, White Plains, NY 

3)       Louis P. Ciminelli Construction, 369 Franklin Street, Buffalo, NY

4)       Empire State Development Corporation, 633 Third Avenue, New York, NY

The following Members of the Board were present at the following locations:

Louis P. Ciminelli, Chairman (Buffalo, NY)

James A. Duncan, Member (Buffalo, NY)

Bernard P. McGarry, Member (Albany, NY)

Kevin S. Corbett, Member (New York, NY)

Also in attendance were:

Eugene W. Zeltmann                           President and Chief Executive Officer

David E. Blabey                                    Executive Vice President, Secretary and General Counsel, NYPA

Louise M. Morman                              Senior Vice President – Marketing, Economic Development
& Supply Planning, NYPA

Gary Paslow                                          Vice President – Governmental Affairs & Policy Development

Thomas Warmath                                Vice President and Chief Risk Officer, NYPA

James H. Yates                                     Vice President – Major Account Marketing &
Economic Development, NYPA

Angela D. Graves                                 Deputy Secretary, NYPA

Joseph J. Carline                                  Assistant General Counsel – Power & Transmission, NYPA

John B. Hamor                                      Executive Director – State Governmental Relations, NYPA

Joseph Leary                                        Director – SENY Public & Governmental Affairs, NYPA

James F. Pasquale                                Director – Business Power Allocations, Regulation and Billing, NYPA

Michael A. Saltzman                            Director – Public Relations, NYPA

Niko Ladopoulos                                 Legislative Liaison – Public & Governmental Affairs, NYPA

Mary Jean Frank                                  Associate Secretary, NYPA

Michael J. Santarcangelo                    Director - Energy Policy, ESDC

1.                   Adoption of Minutes

The minutes of the meeting of March 29, 2005, were unanimously adopted.

2.                   Power for Jobs Extended Benefits Recommendations
for Electricity Savings Reimbursements                                      

The members of the Board considered the 39 applications for electricity savings reimbursements and/or contract extensions listed below for Power for Jobs.  Mr. Pasquale explained that some 15,123 jobs would be impacted.  See Exhibit ‘2-A’

                The following resolution was unanimously adopted by members of the Board present.

WHEREAS, the following entities have applied for electricity savings reimbursements under the Power for Jobs program:

NOW THEREFORE BE IT RESOLVED, That the Board hereby finds and determines that such applications meet the requirements of the Power for Jobs legislation contained in Chapter 316 of the Laws of 1997; Chapter 386 of the Laws of 1998; Chapter 63 of the Laws of 2000; Chapter 226 of the Laws of 2002; and Chapter 59 of the Laws of 2004, would advance the public policy set forth in Section 189(i) of the Economic Development Law to provide effective incentives to promote economic development, maintain and develop jobs, and encourage new capital investment throughout New York State; and be it further

RESOLVED, That the Board recommends to the Power Authority of the State of New York the 39 applications for electricity savings reimbursements discussed herein totaling 29,039 kW until December 31, 2005.

3.             Next Meeting

The next meeting of the Board is to be determined.