ECONOMIC DEVELOPMENT POWER

ALLOCATION BOARD

 

MINUTES

 

January 26, 2010

Videoconference  – 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

                                Empire State Development Corp., 95 Perry Street, Suite 500, Buffalo, NY

 

                                               

1.             Approval of the Minutes of the Meeting of December 14, 2009.

 

2.                   Power for Jobs Extended Benefits Recommendations for

                Electricity Savings Reimbursements                                               

 

A.               COMPANIES IN JOB COMPLIANCE

 

Con Edison - Service Territory

 

92nd Street YM-YWHA

New York - New York County

 

AT&T

White Plains - Westchester County

 

Bank of New York

New York - New York County

 

Continental Food Products, Inc.

Flushing - Queens County

 

Fordham University

Bronx - Bronx County

 

IBM Corp.

Armonk - Westchester County

 

Intrepid Museum Foundation

New York - New York County

 

S. R. Guggenheim Museum

New York - New York County

 

The Museum of Modern Art

New York - New York County

 

Verizon

New York - New York County

 

 

Long Island Power Authority - Service Territory

 

Ametek Hughes-Treitler

Garden City - Suffolk County

 

Good Samaritan Hospital

West Islip - Suffolk County

Kleer-Fax Inc.

Amityville - Suffolk County

 

Maloya Laser Inc.

Commack - Suffolk County

 

National Grid - Service Territory

 

Albany International Corp.

Homer - Cortland County

 

Albany Molecular Research, Inc.

Albany - Albany County

 

AMRI – Rensselaer

Rensselaer - Rensselaer County

 

Applied Energy Solutions

Caledonia - Livingston County

 

Atofina Chemicals, Inc.

Geneseo - Livingston County

 

Bank of New York

Oriskany - Oneida County

 

Bestway Enterprises

Cortland - Cortland County

 

Borg-Warner Morse Tek Corp.

Cortland - Cortland County

 

Bristol-Myers Squibb Company

East Syracuse - Onondaga County

 

Cooper Industries

Syracuse - Onondaga County

 

Cortland Line Co., Inc.

Cortland - Cortland County

 

G L & V Sandy Hill Inc.

Hudson Falls - Washington County

 

HMI Metal Powders

Clayville - Oneida County

 

Kilian Manufacturing Corporation

Syracuse - Onondaga County

 

Lewis County General Hospital

Lowville - Lewis County

 

McLane Eastern

Baldwinsville - Onondaga County

 

Mohawk Paper Mills

Cohoes - Albany County

 

Paul Bunyan Products, Inc.

Preble - Cortland County

 

Quad Graphics, Inc.

Saratoga Springs - Saratoga County

 

Queensboro Farm Products, Inc.

Canastota - Madison County

 

Robison & Smith, Inc.

Gloversville - Fulton County

 

Snyder Industries, Inc.

N. Tonawanda - Niagara County

 

Syracuse Label Co., Inc.

Liverpool - Onondaga County

 

Vicks Lithograph & Printing

Yorkville - Oneida County

 

Welch Allyn Data Collection Inc.

Skaneateles Falls - Onondaga County

 

 

New York State Electric & Gas

 

Audio Sears

Stamford - Delaware County

 

Borg-Warner Automotive Morse TEC

Ithaca - Tompkins County

 

Corning, Inc.

Big Flats - Chemung County

 

Soucy USA

Champlain - Clinton County

 

Vail Ballou Press, Inc.

Binghamton - Broome County

 

 

Rochester Gas & Electric

 

Gorbel Corp.

Fishers - Ontario County

 

XLI Corporation

Rochester - Monroe County

 

 

3.             Extension of Economic Development Plan – Use of Net Revenues

                Produce by Sale of Expansion Power as Industrial Incentive Awards

 

 

OTHER BUSINESS

 

4.             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, 123 Main Street, White Plains, NY

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

3)       Empire State Development Corp., 95 Perry Street, Suite 500, Buffalo, NY

 

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

Kenneth Schoetz, Chairman (Buffalo, NY)

Bernard P. McGarry, Member (Albany, NY)

Eugene L. Nicandri, Member, (White Plains, NY)

 

 

Also in attendance were:

James F. Pasquale               Senior Vice President - Marketing & Economic Development, NYPA

Lorna Johnson                     Assistant Secretary, NYPA

Timothy Muldoon               Manager – Business Power Allocations & Compliance, NYPA

Michael Huvane                  Director – Business Muni & Coop Marketing & Economic Development, NYPA

D. Eccleston                          Chief Information Officer, Information Technology, NYPA

 

 

 

 

 

 

 


 

1.             Adoption of Minutes

The minutes of the meeting of December 14, 2009 were unanimously adopted.


 

2.             Power for Jobs Program – Extended Benefits

 

SUMMARY

 

The Members of the Economic Development Power Allocation Board (“EDPAB”) are asked to recommend that the Power Authority’s Trustees (“Trustees”) approve extended benefit electricity savings reimbursement rebates for 46 Power for Jobs (“PFJ”) customers as listed in Exhibit “A”. 

 

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 received three-year contracts for PFJ electricity.

 

The PFJ program originally made 400 megawatts (“MW”) of power available and was to be phased in over three years.  As a result of the initial success of the program, the Legislature amended the PFJ statute to accelerate the distribution of the power and increase the size of the program to 450 MW.                In May 2000, legislation was enacted that authorized additional power to be allocated under the program.  Legislation further amended the program in July 2002.

 

                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.  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.  Chapter 645 of the Laws of 2006 included provisions extending program benefits until June 30, 2007.  Chapter 89 of the Laws of 2007 included provisions extending program benefits until June 30, 2008.  Chapter 59 of the Laws of 2008 included provisions extending the program benefits until June 30, 2009. Chapter 217 of the Laws of 2009 included provisions extending the program benefits until May 15, 2010.

 

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. 

 

DISCUSSION

 

EDPAB is requested to recommend that the Authority Trustees approve electricity savings reimbursement payments (rebates) to the 46 PFJ customers, all of which are meeting their job commitment and are listed in Exhibit “A”. Collectively, these organizations have agreed to retain more than 27,000 jobs in New York State in exchange for rebates. The rebate program will be in effect until May 15, 2010, the programs’ 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 46 business listed in Exhibit “A”.

 

In response to a question from Mr. McGarry as to the future of the Power for Jobs program after its May 15th expiration date, Mr. Pasquale said that both the Governor’s Office and the Assembly are drafting new legislation and that it has not yet been finalized.  Mr. Pasquale said Authority staff will review a copy of the Assembly draft and he will report to the Board about it at their next meeting.

 

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:

 

Con Edison - Service Territory

 

92nd Street YM-YWHA

New York - New York County

 

AT&T

White Plains - Westchester County

 

Bank of New York

New York - New York County

 

Continental Food Products, Inc.

Flushing - Queens County

 

Fordham University

Bronx - Bronx County

 

IBM Corp.

Armonk - Westchester County

 

Intrepid Museum Foundation

New York - New York County

 

S. R. Guggenheim Museum

New York - New York County

 

The Museum of Modern Art

New York - New York County

 

Verizon

New York - New York County

 

 

Long Island Power Authority - Service Territory

 

Ametek Hughes-Treitler

Garden City - Suffolk County

 

Good Samaritan Hospital

West Islip - Suffolk County

Kleer-Fax Inc.

Amityville - Suffolk County

 

Maloya Laser Inc.

Commack - Suffolk County

 

National Grid - Service Territory

 

Albany International Corp.

Homer - Cortland County

 

Albany Molecular Research, Inc.

Albany - Albany County

 

AMRI – Rensselaer

Rensselaer - Rensselaer County

 

Applied Energy Solutions

Caledonia - Livingston County

 

 

Atofina Chemicals, Inc.

Geneseo - Livingston County

 

Bank of New York

Oriskany - Oneida County

 

Bestway Enterprises

Cortland - Cortland County

 

Borg-Warner Morse Tek Corp.

Cortland - Cortland County

 

Bristol-Myers Squibb Company

East Syracuse - Onondaga County

 

Cooper Industries

Syracuse - Onondaga County

 

Cortland Line Co., Inc.

Cortland - Cortland County

 

G L & V Sandy Hill Inc.

Hudson Falls - Washington County

 

HMI Metal Powders

Clayville - Oneida County

 

Kilian Manufacturing Corporation

Syracuse - Onondaga County

 

Lewis County General Hospital

Lowville - Lewis County

 

McLane Eastern

Baldwinsville - Onondaga County

 

Mohawk Paper Mills

Cohoes - Albany County

 

 

Paul Bunyan Products, Inc.

Preble - Cortland County

 

Quad Graphics, Inc.

Saratoga Springs - Saratoga County

 

Queensboro Farm Products, Inc.

Canastota - Madison County

 

Robison & Smith, Inc.

Gloversville - Fulton County

 

Snyder Industries, Inc.

N. Tonawanda - Niagara County

 

Syracuse Label Co., Inc.

Liverpool - Onondaga County

 

Vicks Lithograph & Printing

Yorkville - Oneida County

 

Welch Allyn Data Collection Inc.

Skaneateles Falls - Onondaga County

 

 

New York State Electric & Gas

 

Audio Sears

Stamford - Delaware County

 

Borg-Warner Automotive Morse TEC

Ithaca - Tompkins County

 

Corning, Inc.

Big Flats - Chemung County

 

Soucy USA

Champlain - Clinton County

 

Vail Ballou Press, Inc.

Binghamton - Broome County

 

 

Rochester Gas & Electric

 

Gorbel Corp.

Fishers - Ontario County

 

XLI Corporation

Rochester - Monroe 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 217 of the Laws of 2009; and be it further

 

                RESOLVED, That the Board recommends to the Power Authority of the State of New York the 46 applications for extended benefits recommendations for electricity savings reimbursements discussed herein totaling 52,804kW for the period through May 15, 2010.

 

 


 

 

 


 

3.             Use of Net Revenues Produced by Sale of Expansion Power as Industrial Incentive Awards

SUMMARY

The Members of the Economic Development Power Allocation Board (“EDPAB”) are requested to approve an extension of the Economic Development Plan that will provide for the use of net revenues from the sale of Expansion Power (calendar years 2010-2029) for economic development assistance to support the Canal Side Development Project, and to authorize an Industrial Incentive Award (“IIA”) to the Erie Canal Harbor Development Corporation (“ECHDC”) to enable ECHDC to secure the necessary funding for the Canal Side Development Project.  In addition, EDPAB is asked to recommend that the Power Authority’s Trustees (“Trustees”) approve Industrial Incentive Awards to four (4) manufacturing companies as listed in Attachment “A”. 

BACKGROUND

 

ECHDC, a subsidiary of the Empire State Development Corporation/Urban Development Corporation (“ESDC”), was created in 2005 to develop the City of Buffalo’s harbor waterfront.  It is sponsoring a major economic development project known as the Canal Side Development Project (“Canal Project”). 

 

The Canal Project has been described as a “public/private investment consisting of 1,075,000 square feet of retail, cultural, residential, and office space on 23 development parcels within approximately 20 acres of land in downtown Buffalo.”  The Canal Project is intended to revitalize Buffalo’s inner harbor, and restore the area’s waterfront vitality through a combination of residential, commercial, open space and cultural elements.  According to ECHDC, when fully complete, the Canal Project has the potential to generate approximately 1,000 new jobs, almost $9.5 million in annual sales-tax revenues and $1.2 million in new yearly property taxes for the City of Buffalo.  ECHDC states that over the course of 20 years, the Canal Project will generate approximately $189 million in sales tax revenue.

 

Authority staff has been in discussions with ECHDC to explore additional sources of financial support for the Canal Project.  Staff has identified two possible sources of financial support for the Canal Project: (1) a modification of the Authority’s payment schedule under the Settlement Agreement; and (2) an IIA from net revenues from the sale of Expansion Power.

 

Under the present terms of the Settlement Agreement, the Authority is providing ECHDC with $3.5 million per year for the 50-year term of the Niagara Project license to support economic development and revitalization within the vicinity of the Buffalo waterfront.  To date, two of the payments have been made, leaving 48 annual payments remaining, representing a present value of approximately $56 million. 

 

Regarding IIAs, under Public Authorities Law (“PAL”) §1005 (eighth unnumbered paragraph) and Economic Development Law §188, the Authority is directed, no less than annually, to identify net revenues and submit, for Economic Development Power Allocation Board (“EDPAB”) approval, an Economic Development Plan (“Plan”) for the use of such revenues as IIAs.  Net revenues are defined by PAL §1005 as any excess of revenues properly allocated to sales of Expansion Power over the costs and expenses properly allocated to such sales. 

 

At its meeting of May 18, 2009, EDPAB approved a modified Plan.  Under this modified Plan, IIAs were made available to companies in New York State that are at identifiable risk of closure or relocation to another state.  EDPAB also extended the Plan until 2010 and approved IIAs to three companies for up to three years.  The annual amount of these three awards was $3.9 million.  At its meeting of October 26, 2009, EDPAB extended the Plan to cover the period 2010 through 2016.  At the same meeting, EDPAB approved a provisional IIA to Computer Associates for the period May 2010 through May 2016 and an extension of Computer Associates’ Economic Development Power allocation to December 31, 2016. 

 

 

 

DISCUSSION

 

ESDC has pledged monies to finance the planned Canal Project, which is estimated to cost approximately $300 million.  ECHDC needs an additional $105 million (present-value amount) to support the Canal Project.  According to ECHDC, the $105 million need may be met by securing a payment stream of $8.4 million annually over 20 years.  By securitizing (i.e., borrowing against) this payment stream, ECHDC has indicated that it can obtain the remaining $105 million in funding necessary for the Canal Project.

 

Authority staff has been in discussions with ECHDC to explore additional sources of financial support for the Canal Project.  The Authority can provide the required $8.4 million payment stream to enable ECHDC to satisfy its stated funding need.  The payment stream would consist of the following two components.

 

The first component would derive from a revision to the Authority’s scheduled payments to ECHDC provided under its Settlement Agreement.  In summary, the Authority would convert the $3.5 million payment stream for the remaining 48 years to an equivalent (in present-value terms) payment stream of $4.7 million per year over a period of 20 years. 

 

The second component would consist of an IIA to ECHDC in the amount of $3.7 million per year for 20 years (2010-2029) from Expansion Power net revenues pursuant to of PAL §1005 (eighth unnumbered paragraph).  This provision authorizes the Authority to make available net revenues earned from the sale of Expansion Power for “industrial incentive awards … in conformance with an economic development plan covering all such net revenues.”  As discussed above, this component requires an amendment to the current Economic Development Plan to extend the term of the Plan and authorize the use of net revenues for the award to ECHDC.  This amendment would add to the list of permissible uses of IIAs previously approved by EDPAB and the Authority.

 

EDPAB is being asked to approve a revised Economic Development Plan that will provide for the use of net revenues from the sale of Expansion Power (calendar years 2010-2029) for economic development assistance to support the Canal Side Development Project, as well as to recommend the Trustees authorize an IIA to ECHDC, as described above.

 

                In addition, it is requested that EDPAB recommend that the Authority’s Board authorize the use of Industrial Incentive Awards to four manufacturers described below.  The condition of the current economy is placing added strain on many New York State manufacturing companies. Among these companies are the following:

 

1.       Buckingham Manufacturing Company, Inc. - Binghamton, New York (Broome County)

2.       GE Aviation Systems LLC - Bohemia, New York (Suffolk County) 

3.       New Horizon Graphic, Inc - Hauppauge, New York (Suffolk County)

4.       Owl Wire and Cable, Inc. 

a.       Canastota, New York (Madison County)

b.       Rome, New York (Oneida County)

 

               These companies are all experiencing added cost pressure as a result of the economic downturn.  At their respective facilities, manufacturing processes represent a substantial portion of total electricity consumption.  Energy costs are a primary consideration for these companies in terms of keeping their businesses within New York State or relocating elsewhere.      

 

                Each of these companies is currently facing difficult economic challenges.  Buckingham Manufacturing Company, Inc. has experienced markedly declined demand and is considering relocation to a state offering substantial manufacturer incentives.  In the case of GE Aviation Systems LLC, global consolidation had recently put their Bohemia facility at risk of closure. New Horizon Graphic, Inc., which has been in business for twenty-five years, is currently considering either relocation or outright closure.  In addition, Owl Wire and Cable, Inc. is facing potential relocation of their Canastota and Rome operations to the State of South Carolina.

 

                It is requested that EDPAB recommend that the Authority’s Board authorize the use of Industrial Incentive Awards to the aforementioned manufacturers.  This request comes after careful consideration of each company’s business case.  The form of the award will be a ¢/kWh price discount applied to a level of annual electric consumption, mutually agreed to by the Authority and each respective organization as described in Attachment A.  These award disbursements are predicated on the availability of EP net revenue funding for such Industrial Incentive Awards and are issued at the Authority’s sole discretion.      

 

                These Industrial Incentive Awards will remain in effect for a one year period.  The terms may be subsequently extended beyond the initial one year period based on the availability of additional Authority funding and provided that each company met the agreed upon job commitment as specified in Attachment “A”.

 

                In the event that any of these companies qualify and participate in a future, yet to be determined, statewide power program that offers similar or greater value than the proposed Industrial Incentive Award, their Industrial Incentive Award would ultimately be terminated.   

 

It is therefore requested that EDPAB recommend that the Trustees approve Industrial Incentive Awards to Buckingham Manufacturing Company, Inc., GE Aviation Systems LLC, New Horizon Graphic, Inc., and Owl Wire and Cable, Inc.  The Authority will report to EDPAB annually on the actual disbursement of these funds.

 

RECOMMENDATION

 

It is recommended that EDPAB approve the amendment to the Economic Development Plan for Industrial Incentive Awards to provide for the use of net revenues from the sale of Expansion Power (calendar years 2010-2029) for economic development assistance to support the Canal Side Development Project as discussed above. 

 

It is also recommended that an Industrial Incentive Award to the Erie County Harbor Development Corporation in the amount of $3.7 million per year for 20 years (2010-2029) be authorized by the Trustees.  The Industrial Incentive Award would be provided for the sole purpose of enabling the Erie County Harbor Development Corporation to secure the necessary funding for the Canal Side Development Project.

 

It is recommended that EDPAB authorizes the Trustees to approve Industrial Incentive Awards to Buckingham Manufacturing Company, Inc., GE Aviation Systems LLC, New Horizon Graphic, Inc., and Owl Wire and Cable, Inc.  The terms of each award and the maximum annual payments are specified in Attachment “A”.

 

Mr. Pasquale advised the Board that he will not be asking them to consider the incentive award to the Erie Canal Harbor Corporation for the Canal Side Development Project at this time.   The Board is being asked, however, to consider the award to the four manufacturing companies.  In response to a question from Trustee Nicandri, Mr. Pasquale said that if the Legislature adopts a different incentive power program, these customers will be required to apply for the new program and may not need an incentive award.

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

 

 

WHEREAS, section 10005 of the Public Authorities Law authorizes the Power Authority of the State of New York to identify an amount of net revenues produced by the sale of Expansion Power which shall be used for Industrial Incentive Awards; and

 

WHEREAS, such Industrial Incentive Awards must be made in conformance with an Economic Development Plan submitted by the Authority and approved by the Board pursuant to  Section 188 of the Economic Development Law; and

 

WHEREAS, the Board on December 1, 1988, endorsed the use, to the extent necessary, of available industrial incentive awards for the purpose of assisting Authority efforts to limit future rate increases for Fitzpatrick Power Program customers; and

 

WHEREAS, The Board on December 1, 1988, recommended that any Economic Development Plan submitted by the Authority in the future be approved to the extent it provides for such use of an Industrial Incentive Award; and

 

WHEREAS, The Authority has approved an Economic Development Plan through calendar year 2016  that provides for the use of net revenues from the sale of Expansion Power to support Industrial Incentive Awards  and further, has authorized the submission of such Plan to the Board for its approval; and

 

WHEREAS, The Board has determined that an Economic Development Plan though calendar year 2016 which was submitted by the Authority and its implementation is consistent with the criteria and requirements provided for in Sections 184 and 185 of the New York Economic Development Law and in Part 370 of Title 21 of the Official Compilation of Codes, Rules and Regulations of the State of New York;

 

NOW THEREFORE BE IT RESOLVED, That the Board hereby determines that the Canal Side Development Project’s Economic Development Plan for the years 2010 through 2029 which is submitted by the Authority and its implementation is consistent with the criteria and requirements provided for in Sections 184 and 185 of the New York Economic Development Law and in Part 370 of Title 21 of the Official Compilation of Codes, Rules and Regulations of the State of New York; and be it further

 

RESOLVED, That the Board hereby approves the Plan providing for the use of net revenues from the sale of Expansion Power for an Industrial Incentive Award to the Erie Canal Harbor Development Corporation in the amount of $3.7 million per year for 20 years (2010-2029) in support of the Canal Side Development Project on the terms and conditions and for the purposes set forth in the attached memorandum; and be it further

 

RESOLVED, That the Board hereby recommends the use of net revenues from the sale of Expansion Power for Industrial Incentive Awards in the form of ¢/kWh electric discounts for four qualifying industrial customers in New York State, in accordance with the attached memorandum.


 

Attachment A

 

Industrial Incentive Awards (IIA)

 

Buckingham Manufacturing Company, Inc.

 

·         Binghamton (Broome County) – 196 jobs

·         NYSEG service area; typical usage of 700,000 kWh per year

·         Discount (¢/kWh) against NYSEG/ESCO rate

·         IIA of up to 2 ¢/kWh variable, with max award of $15,000 / year

·         1 year initial term

·         Flexible to allow Buckingham Manufacturing Company to participate in any new NYPA power program

 

GE Aviation Systems LLC

 

·         Bohemia (Suffolk County) – 255 jobs

·         LIPA service area; typical usage of 5,000,000 kWh per year

·         Discount (¢/kWh) against LIPA rate

·         IIA of up to 4.4 ¢/kWh variable, with max award of $200,000 /year

·         1 year initial term

·         Flexible to allow GE Aviation Systems to participate in any new NYPA power program

 

New Horizon Graphic, Inc.

 

·         Hauppauge (Suffolk County) – 30 jobs

·         LIPA service area; typical usage of 600,000 kWh per year

·         Discount (¢/kWh) against LIPA rate

·         IIA of up to 3 ¢/kWh variable, with max award of $20,000 /year

·         1 year initial term

·         Flexible to allow New Horizon Graphic, Inc. to participate in any new NYPA power program

 

Owl Wire and Cable, Inc.

 

·         Canastota (Madison County) and Rome (Oneida County)  – 200 jobs

·         National Grid service area; typical usage of  23,000,000  kWh per year

·         Discount (¢/kWh) against National Grid rate

·         IIA of up to 3 ¢/kWh variable, with max award of $700,000 /year

·         1 year initial term

·         Flexible to allow Owl Wire and Cable, Inc. to participate in any new NYPA power program

 

Total recommended Industrial Incentive Award maximum = $935,000

 


 

4.             Next Meeting

 

                The next meeting of the Board is to be determined.

The Chairman informed the members that there is the possibility of a special Board meeting to consider the Erie Canal Development Corporation project.  A notice will be sent out to this effect as soon as a decision to call the meeting is made.