NYPA Logo

NEWS

Media Advisory and Photo Opportunity: Agreement Signing Ceremony Marks Critical Milestone For Canal Side Project

July 12, 2010

FOR IMMEDIATE RELEASE

New York Power Authority (NYPA) President and Chief Executive Officer Richard M. Kessel will join members of the Erie Canal Harbor Development Corporation (ECHDC), Congressman Brian Higgins and other state and local officials at a ceremony marking the signing of an agreement that will be the catalyst for major development of the Canal Side Project.

The Canal Side 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.  The ECHDC has indicated that over the course of 20 years, the Canal Side project  will generate approximately $189 million in sales tax revenue alone.

The agreement will provide leverage needed for ECHDC to issue $105 million in bonds to finance major development opportunities at the Erie Canal Harbor.

What:

NYPA and ECHDC Agreement Signing Ceremony

Date:
Tuesday, July 13
Time:
12:30 p.m.
Place:

Buffalo’s Inner Harbor
Central Wharf, near the Truss Bridge
Intersection of Pearl Street and Marine Dr., Buffalo

Contact:

Christine Pritchard, 518-322-9143
Christine.Pritchard@nypa.gov

NOTE:    In the event of inclement weather, the event will be held at the Erie Canal Harbor Development Corp.’s main conference room at 95 Perry St.- Suite 500, Buffalo.

 

About NYPA:

■ The New York Power Authority uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. ■ NYPA is a leader in promoting energy efficiency, new energy technologies and electric transportation initiatives. ■ It is the nation's largest state-owned electric utility, with 17 generating facilities in various parts of New York State and more than 1,400 circuit-miles of transmission lines. ■ About 75 percent of the electricity it produces is clean renewable hydropower.  Its lower-cost power production and electricity purchases support hundreds of thousands of jobs throughout the state. ■ For more information, www.nypa.gov.

Return to Media Center