ECONOMIC DEVELOPMENT POWER

ALLOCATION BOARD

 

MINUTES

 

June 25, 2007

Video Conference – 10:00 a.m.

 

                New York Power Authority Offices:

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

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

                                                Niagara Power Project, 5777 Lewiston Road, Lewiston, NY

                DMJM Harris, 605 Third Avenue, New York, NY

 

1.             Approval of the Minutes of the Meeting of May 21, 2007

 

2.             Power for Jobs Extended Benefits, Energy Cost Savings Benefit

                Awards and Economic Development Power Contracts Extensions

 

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

 

A.            COMPANIES IN JOB COMPLIANCE

 

Con Edison - Service Territory

 

92nd Street YM-YWHA

New YorkNew York County

 

American  Cancer Society

New York - New York County

 

Columbia University – Trustees

New York - New York County

 

Diller – Quaile School of Music

New York - New York County

 

East Harlem Arts & Education Local    Development Corp.

New York - New York County

 

Fort Meat Wholesale

Brooklyn – Kings County

 

Home for Contemporary Theater & Art

New York - New York County

 

International Business Machines – White Plains

White PlainsWestchester County

 

Intrepid Museum Foundation

New York - New York County

 

Jacmel Jewelry, Inc.

Long Island CityQueens County

 

Seybert Nicholas Printing Group, LP

New York - New York County

 

Streamline Plastics Co., Inc.

Bronx – Bronx County

 

Verizon

New York - New York County

 

 

 

Long Island Power Authority - Service Territory

 

Good Samaritan Hospital

West Islip – Suffolk County

 

J.P. Morgan/Chase

Lake Success – Nassau County

North Shore Health System

Manhasset – Nassau County

 

 

 

 

 

National Grid – Service Territory

 

Applied Energy solutions (CEN Electronics)

Caledonia – Livingston County

 

Bristol-Myers Squibb Company

East Syracuse – Onondaga County

 

Diemolding Corporation

Canastota – Madison County

 

Edward John Noble Hospital

Gouverneur – St. Lawrence County

 

Fiber Glass Industries, Inc.

AmsterdamMontgomery County

 

General Electric Plastics

Selkirk – Albany County

Organichem, Inc.

Rensselaer – Rensselaer County

 

Revere Copper Products

RomeOneida County

 

Sorrento Lactalis, Inc.

BuffaloErie County

 

St. Joseph’s Hospital Health Center

SyracuseOnondaga County

 

Turbine Engine Components Technologies

Whitesboro – Oneida County

 

 

 

 

 

New York State Electric and Gas – Service Territory

 

Bison Foods – Division of Upstate Farms

West Seneca – Erie County

 

Corning, Inc. (Sullivan Park)

CorningSteuben County

Dunmore Corporation

Brewster – Putnam County

 

 

 

 

Orange & RocklandService Territory

 

International Business Machines – (Sterling Forest)

PoughkeepsieOrange County

 

 

Rochester Gas & Electric – Service Territory

 

International Business Machines – (Rochester)

RochesterMonroe County

 

Seneca Foods Corp. – (Marion)

MarionWayne County

 

 

Jada Precision Plastics Co.

RochesterMonroe County

 

 

 

 

B.            COMPANIES NOT IN JOB COMPLIANCE

 

Con Edison – Service Territory

 

A. Stein Meat Products, Inc.

 Brooklyn – Kings County

 

Acme Architectural Products, Inc.

Brooklyn – Kings County

 

American Indian Community House

New YorkNew York County

 

Kruysman, Inc.

Long Island CityQueens County

 

 

 

 

 

National Grid – Service Territory

 

Dielectric laboratories, Inc.

Cazenovia – Madison County

 

Gaylord Brothers

Liverpool – Onondaga County

RSA Solutions Inc. (Remarketing Services of Amherst)

AmherstErie County

 

 

New York State Electric & Gas – Service Territory

 

Manitoba Corporation

LancasterErie County

 

 

Rochester Gas & Electric – Service Territory

 

Seneca Foods Corporation – (Leicester)

Leicester – Livingston County

 

 

 

 

4.                   Transfer of Industrial Power

 

Ademco Group

Syosset – Nassau County

 

Automatic Data Processing

Edgewood – Suffolk County

 

ICM Controls Corporation

Cicero - Onondaga County

IPAC, Inc

Niagara Falls – Niagara County

 

Upstate Farms Cooperative, Inc

BuffaloEire County

 

 

 

OTHER BUSINESS

 

5.                   Remarks from the Chairman

 

6.                   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)       Niagara Power Project, 5777 Lewiston Road, Lewiston, NY

4)       DMJM Harris – 605 Third Avenue, New York, NY

 

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

Frank S. McCullough, Jr., Chairman (White Plains, NY)

Bernard P. McGarry, Member (Albany, NY)

James A. Duncan, Member, (Lewiston, NY)

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

 

 

Also in attendance were:

Timothy S. Carey                                 President and Chief Executive Officer, NYPA

Thomas J. Kelly                                    Executive Vice President and General Counsel, NYPA

Louise M. Morman                              Senior Vice President, Marketing and Economic Development, NYPA

Anne B. Cahill                                      Corporate Secretary, NYPA

Joseph C. Carline                                 Assistant General Counsel, NYPA

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

James F. Pasquale                                Director – Business Power Allocations, Compliance and Municipal and Cooperative Marketing, NYPA

Michael A. Saltzman                            Director – Media Relations, NYPA

Anthony C. Savino                              Manager – Business Power Allocations and Compliance, NYPA

Mary Jean Frank                                  Associate Secretary, NYPA

Lorna M. Johnson                               Assistant Secretary, NYPA

Keith Corneau                                      Empire State Development Corporation


1.                   Adoption of Minutes

The minutes of the meeting of May 21, 2007, were unanimously adopted.


2.             Power for Jobs Extended Benefits, Energy Cost Savings Benefit

                Awards and Economic Development Power Contracts Extensions

 

 

SUMMARY

 

The Legislature and the Governor have agreed in a public legislative conference to a one-year extension of the Power for Jobs (“PFJ”) and the Energy Cost Savings Benefit (“ECSB”) Programs, through June 30, 2008.  As of today, there are identical bills in the Senate and Assembly concerning extension of the programs (“Proposed Legislation”).  It is expected that the Governor will sign the Proposed Legislation, or similar legislation, authorizing a one-year extension on terms set forth in the bills. It is recommended that the Economic Development Power Allocation Board (the “Board”) authorize and recommend to the New York Power Authority (“Authority”) the extension of PFJ and ECSB program benefits effective July 1, 2007 (or later for ECSB applicants whose rates are not subject to increase on that date), to qualified applicants that execute appropriate extension agreements with the Authority.

 

Power For Jobs

 

The proposed legislation concerning further extension of the PFJ program would allow PFJ program recipients to continue with existing elections (i.e., power contracts or rebates) for an additional year through June 30, 2008 with the program benefits administered as in current law.  In addition, the bills would, in effect, extend for another year the availability of “restitution” for those PFJ power contract customers that incur higher aggregate costs being in the program as opposed to taking service from their local utility under standard tariff provisions.

 

Under the Economic Development Law, as amended by the Proposed Legislation, the Economic Development Power Allocation Board (“Board”) may prescribe a simplified form and content for an application for such extended PFJ benefits.  An applicant is eligible for extended PFJ benefits only if it is in compliance with and agrees to continue to meet the job retention and creation commitments set forth in its prior power for jobs contract, or such other commitments “as the board deems reasonable.”  However, in light of the need to avoid disruption in the receipt of such benefits, the new legislation provides that the Board expedite the awarding of extended PFJ benefits and defer the review of compliance with job commitments until after the applicant  has been awarded extended benefits.

 

Attached as Exhibit “2-A” is a list by utility service area of the current recipients of PFJ contract and rebate benefits.

 

Contract Extensions and ECSB Awards

 

A number of the High Load Factor (“HLF”), Economic Development Power (“EDP”) and Municipal Distribution Agency (“MDA”) program customers’ underlying power contracts have terms ending on June 30, 2007, or on some other date before June 30, 2008.  In order for such customers to enjoy extension or initial award of ECSB awards it is necessary to extend their power contracts.  Extension of EDP contracts is subject to the approval of the Board.  These customers are listed on Exhibit “2-B.”

 

ECSB awards serve to moderate rates for businesses served under the HLF, EDP and MDA programs.  Under the proposed new legislation the Board is authorized to approve extensions of ECSB awards through June 30, 2008.  The Proposed Legislation would extend availability of ECSB benefits to entities that are currently receiving such benefits and businesses under these programs whose rates would be subject to increase on or before June 30, 2008.  For entities currently receiving ECSB awards, the legislation provides for continuation of the existing level of benefits for another year while allowing the Authority to continue to use up to 70 MW of unallocated Replacement Power to fund the ECSB awards, provided that any such Replacement Power be made available for allocation in Western New York during the period of extension. The group of customers that are not now receiving ECSB benefits but whose prices are subject to increase after June 30, 2007 includes 37 businesses with so-called “Option Five” pricing contracts with the Authority that expire on October 30, 2007.  Under the Proposed Legislation, these firms will be eligible to receive ECSB awards on a par with those received by existing ECSB program beneficiaries.

 

As under current law, applications for extensions of ECSB awards are to be in the form and contain such information, exhibits and supporting data as the Board may prescribe. The Board is to review the applications received and determine the applications that best meet the criteria established for the ECSB awards and recommend such applications to the Authority with “such terms and conditions as it deems appropriate.”  In order to avoid disruption in the delivery of ECSB benefits, the bill directs the Board to expedite the awarding of ECSB and to defer the review of compliance with job commitments until after applicants have been awarded ECSB.

 

Attached as Exhibit “2-C” is a list by utility service area of the current recipients of ECSB awards and other businesses whose rates will be subject to increase on or before June 30, 2008.

 

RECOMMENDATION

 

It is recommended that the Board authorize and recommend to the New York Power Authority extension of Power for Jobs power contracts and rebates, Energy Cost Savings Benefit awards and, where necessary, the length of contracts between the Authority and Economic Development Power Program customers through June 30, 2008, subject to review by the Board on or before September 30, 2007, of whether applicants for such benefits are in compliance with their respective contractual commitments associated with such program benefits.  Extension of such benefits shall be effective as of July 1, 2007 (or later for ECSB applicants whose rates are not subject to increase on that date), subject to completion of appropriate written agreements between such applicants and the Authority and the requirements of the host utilities.

 

Before presenting the highlights of staff’s recommendations to the Board, Mr. Pasquale noted that both houses of the State Legislature had passed, and Governor Spitzer is expected to sign into law, the legislation extending the Power for Jobs, Energy Cost Savings Benefit and Economic Development Power programs through June 30, 2008.  He said that there could be unavoidable gaps in service due to the fact that the legislation is being enacted so close to the previous deadline for the programs, June 30, 2007.

 

                In response to a question from Mr. Corbett, Mr. Pasquale said that these power programs’ customers would prefer that a long-term solution be found so that their contracts did not have to be renewed on a year-to-year basis.  President Carey said that the Temporary Commission on the Future of New York State Power Programs for Economic Development had met for a year and made its recommendations to the Legislature and the Governor.  In response to a question from President Carey, Mr. Kelly said that the Authority had won the case brought against it by Crucible Specialty Steel and was in the process of preparing its briefs for the appellate court.  Responding to a question from Chairman McCullough, Mr. Carline said that the extension of the Power for Jobs program from January 1, 2007 through June 30, 2008 was expected to cost the Authority $100 million. 

 


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

RESOLVED, That the Board hereby authorizes and recommends to the New York Power Authority extension through June 30, 2008 of Power for Jobs power contracts and rebates, Energy Cost Savings Benefit awards and, where necessary, the length of contracts between the Authority and Economic Development Power Program customers, subject to review by the Board on or before September 30, 2007, of whether applicants for such benefits are in compliance with their respective contractual commitments associated with such program benefits, and be it further

 

RESOLVED, That extension of such benefits shall be effective as of July 1, 2007 (or later for ECSB applicants whose rates are not subject to increase on that date), subject to completion of appropriate written agreements between such applicants and the Power Authority and the requirements of the host utilities.

 

 
















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

SUMMARY

 

The Members of the Economic Development Power Allocation Board (“EDPAB”) are requested to approve extended benefits for 43 Power for Jobs (“PFJ”) customers as listed in Exhibits “3-A” and “3-B.” 

 

BACKGROUND

 

In July 1997, the New York State Legislature approved a program to provide low-cost power to businesses and not-for-profit corporations that agree to retain or create jobs in New York State.  In return for commitments to create or retain jobs, successful applicants receive three-year contracts for PFJ electricity.

 

The PFJ program originally made 400 megawatts (“MW”) of power available.  The program was to be phased in over three years, with approximately 133 MW made available each year.  In July 1998, as a result of the initial success of the program, the Legislature amended the PFJ statute to accelerate the distribution of the power, making a total of 267 MW available in Year One.  The 1998 amendments also increased the size of the program to 450 MW, with 50 MW to become available in Year Three.

 

In May 2000, legislation was enacted that authorized another 300 MW of power to be allocated under the PFJ program.  The additional MW were described in the statute as “phase four” of the program.  Customers that received allocations in Year One were authorized to apply for reallocations; more than 95% reapplied.  The balance of the power was awarded to new applicants.

 

In July 2002, legislation was signed into law that authorized another 183 MW of power to be allocated under the program.  The additional MW were described in the statute as “phase five” of the program.  Customers that received allocations in Year Two or Year Three were given priority to reapply for the program.  Any remaining power was made available to new applicants. 

 

Chapter 59 of the Laws of 2004 extended the benefits for PFJ customers whose contracts expired before the end of the program in 2005.  Such customers had to choose to receive an “electricity savings reimbursement” rebate and/or a power contract extension.  The Authority was also authorized to voluntarily fund the rebates, if deemed feasible and advisable by the Trustees.

 

PFJ customers whose contracts expired on or prior to November 30, 2004, were eligible for a rebate to the extent funded by the Authority from the date their contract expired through December 31, 2005.  As an alternative, such customers could choose to receive a rebate to the extent funded by the Authority from the date their contract expired as a bridge to a new contract extension, with the contract extension commencing December 1, 2004.  The new contract would be in effect from a period no earlier than December 1, 2004 through the end of the PFJ program on December 31, 2005.

 

PFJ customers whose contracts expired after November 30, 2004 were eligible for rebate or contract extension, assuming funding by the Authority, from the date their contracts expired through December 31, 2005.

 

Approved contract extensions entitled customers to receive the power from the Authority pursuant to a sale-for-resale agreement with the customer’s local utility.  Separate allocation contracts between customers and the Authority contained job commitments enforceable by the Authority.

 

In 2005, provisions of the approved State budget extended the period PFJ customers could receive benefits until December 31, 2006.  In 2006, a new law (Chapter 645 of the Laws of 2006) included provisions extending program benefits until June 30, 2007.

 

Section 189 of the New York State Economic Development Law, which was amended by Chapter 59 of the Laws of 2004, provided the statutory authorization for the extended benefits that could be provided to PFJ customers.  The statute stated that an applicant could receive extended benefits “only if it is in compliance with and agrees to continue to meet the job retention and creation commitments set forth in its prior power for jobs contract.”

 

Chapter 313 of the Laws of 2005 amended the above language to allow EDPAB to consider continuation of benefits on such terms as it deems reasonable.  The statutory language now reads as follows:

 

An applicant shall be eligible for such reimbursements and/or extensions  only  if  it  is  in compliance  with  and  agrees  to continue to meet the job retention and creation commitments set forth in its prior power for jobs contract, or such other commitments as the board deems reasonable. (emphasis supplied)

 

At its meeting of October 18, 2005, EDPAB approved criteria under which applicants whose extended benefits EDPAB had reduced for non-compliance with their job commitments could apply to have their PFJ benefits reinstated in whole or in part.  EDPAB authorized staff to create a short-form application, notify customers of the process, send customers the application and evaluate reconsideration requests based on the approved criteria.  To date, staff has mailed 200 applications, received 109 and completed review of 108.

 

DISCUSSION

 

EDPAB is requested to recommend that the Authority Trustees approve electricity savings reimbursements rebates to 43 PFJ customers.  Thirty-four customers are meeting their current job commitments and are listed in Exhibit “3-A.”  However, nine customers reported actual job numbers below their contractual commitment.  Staff is recommending that these customers have their allocation reduced proportionately to their job shortfall where appropriate.  These customers are listed on Exhibit “3-B.”  Collectively, these organizations have agreed to retain more than 31,000 jobs in New York State in exchange for rebates.  The rebate program will be in effect until June 30, 2007, the program’s sunset.

 

RECOMMENDATION

 

It is requested that the Economic Development Power Allocation Board recommend that the Authority Trustees approve the payment of electricity savings reimbursements to the Power for Jobs customers listed in Exhibits “3-A” and “3-B.”

 

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

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

COMPANIES IN JOB COMPLIANCE

 

Con Edison - Service Territory

92nd Street YM-YWHA

New YorkNew York County

 

American  Cancer Society

New York - New York County

 

Columbia University – Trustees

New York - New York County

 

Diller – Quaile School of Music

New York - New York County

 

East Harlem Arts & Education Local  

Development Corp.

New York - New York County

Fort Meat Wholesale

Brooklyn – Kings County

 

Home for Contemporary Theater & Art

New York - New York County

International Business Machines – White Plains

White PlainsWestchester County

 

Intrepid Museum Foundation

New York - New York County

 

Jacmel Jewelry, Inc.

Long Island CityQueens County

 

Seybert Nicholas Printing Group, LP

New York - New York County

 

Streamline Plastics Co., Inc.

Bronx – Bronx County

Verizon

New York - New York County

 

                               

Long Island Power Authority– Service Territory

Good Samaritan Hospital

West Islip – Suffolk County

 

J.P. Morgan/Chase

Lake Success – Nassau County

North Shore Health System

Manhasset – Nassau County

 

 

National Grid – Service Territory

Applied Energy solutions (CEN Electronics)

Caledonia – Livingston County

 

Bristol-Myers Squibb Company

East Syracuse – Onondaga County

 

Diemolding Corporation

Canastota – Madison County

 

Edward John Noble Hospital

Gouverneur – St. Lawrence County

 

Fiber Glass Industries, Inc.

AmsterdamMontgomery County

 

General Electric Plastics

Selkirk – Albany County

Organichem, Inc.

Rensselaer – Rensselaer County

 

Revere Copper Products

RomeOneida County

 

Sorrento Lactalis, Inc.

BuffaloErie County

 

St. Joseph’s Hospital Health Center

SyracuseOnondaga County

 

Turbine Engine Components Technologies

Whitesboro – Oneida County

 

 

New York State Electric & Gas – Service Territory

Bison Foods – Division of Upstate Farms

West Seneca – Erie County

 

Corning, Inc. (Sullivan Park)

CorningSteuben County

Dunmore Corporation

Brewster – Putnam County

 

 

Orange & RocklandService Territory

International Business Machines – (Sterling Forest)

PoughkeepsieOrange County

 

 

Rochester Gas & Electric – Service Territory

International Business Machines – Rochester

RochesterMonroe County

 

Jada Precision Plastics Co.

RochesterMonroe County

Seneca Foods Corp.

MarionWayne County

 

 

 

 


COMPANIES NOT IN JOB COMPLIANCE

               

Con Edison – Service Territory

A. Stein Meat Products, Inc.

 Brooklyn – Kings County

 

Acme Architectural Products, Inc.

Brooklyn – Kings County

American Indian Community House

New YorkNew York County

 

Kruysman, Inc.

Long Island CityQueens County

 

National Grid – Service Territory

Dielectric laboratories, Inc.

Cazenovia – Madison County

 

Gaylord Brothers

Liverpool – Onondaga County

RSA Solutions Inc. (Remarketing Services of Amherst)

AmherstErie County

 

 

New York State Electric & Gas – Service Territory

Manitoba Corporation

LancasterErie County

 

 

Rochester Gas & Electric – Service Territory

Seneca Foods Corporation

Leicester – Livingston County

 

 

NOW THEREFORE BE IT RESOLVED, That the Board hereby finds and determines that such applications meet the requirements of the extended benefits provisions of the Power for Jobs legislation contained in Article 6 of the Economic Development Law as amended by Chapter 645 of the Laws of 2006; and be it further

RESOLVED, That the Board recommends to the Power Authority of the State of New York the 43 applications for extended benefits recommendations for electricity savings reimbursements discussed herein totaling 43,580 kW until June 30, 2007.




4.             Transfers of Industrial Power

 

SUMMARY

 

                The members of the Economic Development Power Allocation Board (“EDPAB”) are requested to recommend approval to the companies as detailed below.

 

BACKGROUND

 

EDPAB is requesting to approve the transfer of Power allocations for five existing companies that have changed names and or/ locations for various business reasons. EDPAB approved transfers of this nature at past meetings.

DISCUSSION

 

                The proposed transferees are as follows:

 

Ademco Group (“Ademco”), located in Syosset, is the world leader in designing, engineering and manufacturing wired and wireless electronic security products for commercial and residential applications, with designing and engineering taking place at the company’s  Syosset facility.  The company was originally awarded a 900 kW Power for Jobs (“PFJ”) allocation for 605 jobs by the Trustees at their meeting of May 30, 2003 and was reduced for PFJ Extended Benefits to a 650 kW allocation for 441 jobs by the Trustees at their meeting of April 28, 2006.  In 2006, Honeywell purchased Ademco Group, with the company using the Honeywell name and manufacturing the same products.  Honeywell has agreed to honor all terms and commitments with the Authority.

 

Automatic Data Processing (“ADP”), located in Edgewood, has many products.  The company is responsible for mailing and tabulating proxy solicitation material, quarterly reports and other issuer communications to shareholders of publicly held entities on behalf of 800 bank and broker clients.  At their March 31, 1998 meeting, the Trustees approved a 1,000 kW PFJ allocation for 1,298 jobs for Automatic Data Processing.  At their October 24, 2006 meeting, the Trustees approved a PFJ Extended Benefits allocation of 1,000 kW for 1,329 jobs.  In August 2006, ADP spun off its brokerage services group into an independent company.  The company is named Broadridge Financial Solutions, Inc.  The new company agrees to comply with all obligations associated with its allocation and will continue to provide the same or similar services.

 

ICM Controls Corporation (“ICM”), located in Cicero and in business since 1984, is a vertically integrated designer and manufacturer of electronic controls for the HVAC market.  The Trustees approved a 500 kW Economic Development Power (“EDP”) allocation in return for 200 base jobs and 100 created jobs at their meeting of June 24, 2003.  On July 30, 2007, the company will move its facility from Cicero to North Syracuse.  The company will honor all commitments associated with its EDP allocation.

 

IPAC, Inc. (“IPAC”), located in Niagara Falls manufactures condensed air coolers, air cooled heat exchangers, water cooled heat exchangers, centrifugal separators, as well as, designs and performs custom sheet metal fabrication.  The Trustees approved a 325 kW Power for Jobs (“PFJ”) allocation in return for 54 jobs at their meeting of March 28, 2000.  At the December 13, 2005 Trustees meeting the allocation was extended through the end of 2006, but was reduced to 200 kW with and employment commitment of 33 jobs.  The company received a further allocation extension through June 2007, at the October 24, 2006 Trustees meeting.   Effective June 1, 2007, the company moved its facility from a leased space in Niagara Falls to an owned space in Amherst.  The company will honor all commitments associated with its PFJ allocation.

 

Upstate Farms Cooperative, Inc. (“Upstate”), located in Buffalo and in business since the 1930s, produces dairy products such as milk, cream, buttermilk, ice cream and flavored milks and processes orange juice and fruit drinks, primarily for the western New York market.  The Trustees approved a 600 kW PFJ allocation for 160 jobs at their meeting on January 25, 2000.  Starting in 2006 and continuing in 2007, Upstate opted to take the rebate rather than the contract extension option when the Authority offered PFJ Extended Benefits.  On July 1, 2006, Upstate combined in a reverse triangular merger with Niagara Milk Cooperative, Inc., with Niagara Milk Cooperative, Inc. becoming a wholly-owned subsidiary of Upstate Farms Cooperative, Inc.  The parent company has changed its name to Upstate Niagara Cooperative, Inc.  The company will continue to use pre-combination brand names, such as Upstate Farms and Bison Foods.  The company agrees to honor all terms of its agreements with the Authority.

 

RECOMMENDATION

 

It is recommended that the Power Allocation Board approve the name and or location changes detailed above.

 

Following consideration of such recommendations, the Members of the Board present voted unanimously to adopt the following resolution:

RESOLVED, That the members of the Economic Development Power Allocation Board hereby approve the transfer of power allocations for four existing companies that have changed names and/or locations for various business reasons as described in the above memorandum to the Board.


5.             Remarks from the Chairman

 

                Chairman McCullough said that staff would inform the Board members when the Governor has signed the extensions bill into law.

 

 


6.             Next Meeting

 

                The next meeting of the Board is to be determined.