NYPA Power and Funding Incentives Generate More Than $551 Million in Capital Investments throughout New York
Governor Andrew M. Cuomo today announced state economic development incentives that directly support the creation and retention of approximately 6,500 jobs and capital investments of more than $551 million throughout New York State. The New York Power Authority Board of Trustees today approved power and funding incentives through five NYPA economic development programs, including the Governor's ReCharge NY program, which provides qualifying businesses and non-profit organizations with discounted NYPA power in exchange for commitments to retain or create jobs in New York State. NYPA's power allocations and economic development incentives have positively affected the New York State economy by encouraging companies to retain and create jobs, while sparking capital investment throughout the state.
"Through Recharge NY and other state economic development programs, New York is working tirelessly to ensure that we continue to retain and attract business on a global scale," Governor Cuomo said. "These economic development programs incentivize businesses to lay down roots and expand in New York State, creating jobs and bolstering the economy for all hardworking New Yorkers."
The NYPA board approved 22 ReCharge NY power awards, which will support more than 6,200 jobs and nearly $444 million in capital investment commitments. Including today's allocations, ReCharge NY provides more than 758 megawatts of power to 666 businesses and 80 nonprofit organizations in support of the creation and retention of jobs in New York State.
The jobs created come from a gamut of industries and regions from across New York State, including Amazon Fulfillment Services in Staten Island to Amy's Kitchen in Orange County to Kraft Heinz Foods in the North Country.
The program offers up to seven-year power contracts with half of the power—455 MW—from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and low-cost electricity in the state.
"Funding for programs to boost economic development across the state are helping to increase business and job opportunities in New York," said Lieutenant Governor Kathy Hochul. "We're committed to attracting and expanding businesses, helping to grow the economy and advancing progress for all New Yorkers."
NYPA Chairman John R. Koelmel said, "The Power Authority's wide array of economic development programs are key in ensuring that businesses thrive in every corner of the state, from Long Island to Western New York to the North Country. NYPA is proud to play a role in supporting thousands of jobs and millions in capital investments throughout the state."
NYPA President and CEO Gil C. Quiniones said, "NYPA leverages its clean, low-cost power from its large hydroelectric facilities in Niagara and Massena to support hundreds of thousands of jobs throughout New York. The Power Authority's economic development programs energize the state's economy, spurring major economic growth, creating jobs, and generating capital investment opportunities across the state."
In addition to the RNY power allocations, the NYPA board approved hydropower allocations in Western New York and the Mohawk Valley, and funding awards in Western New York and the North Country. The Power Authority coordinates with Empire State Development on its economic development awards to encourage job retention and creation throughout the state.
Empire State Development President, CEO and Commissioner Howard Zemsky said, "New York State has created a strong business climate that continues to encourage businesses statewide to create jobs and support our regional economies."
Senate Energy and Telecommunications Committee Chair Joseph Griffo said, "Over the years, programs such as Recharge NY have been successful in its mission to provide low-cost hydropower to private companies that agree to retain existing jobs and to create new jobs. I am especially happy for the benefits to industry in my district and the surrounding North Country community through the ReCharge NY and the Northern New York Power Proceeds awards. Our State is blessed to have low-cost hydropower from both the Niagara and the St. Lawrence hydro-facilities and it is wonderful to see the fruits of this low-cost, clean, New York power put to good use for the benefit of our businesses and the families that they support."
See below a regional breakdown of today's economic development awards:
The NYPA board approved low-cost power to the Village of Frankfort in Herkimer County on behalf of Tractor Supply Company under NYPA's Municipal and Rural Electric Cooperative Industrial Economic Development Program. As announced by Governor Cuomo last year, Tractor Supply Company is investing more than $75 million to build a distribution center in Frankfort, creating more than 300 new jobs.
The NYPA board also awarded Trenton Technology, an industrial computing company in Utica in Oneida County, with RNY power in return for its commitment to retain 218 jobs, create 15 jobs and make a $5 million capital investment.
The NYPA board approved two ReCharge NY power allocations to Kraft Heinz Foods Company in Lewis County and Alice Hyde Medical Center in Franklin County, supporting the creation and retention of 669 jobs and capital investments of $14.6 million in the North Country. Kraft is an existing ReCharge NY customer.
The NYPA trustees also approved a funding award of $370,000 from the Northern New York Power Proceeds program to support the establishment of a new $3.7 million AmTech Yarns manufacturing facility in Massena, St. Lawrence County, creating 18 new full-time jobs over the next seven years. The facility, to be located in the Massena Industrial Park in a building owned and redeveloped by the St. Lawrence River Valley Redevelopment Agency and St. Lawrence County Industrial Development Agency, would make AmTech Yarns the only North American producer of nylon threading. The St. Lawrence River Valley Redevelopment Agency led the marketing efforts to attract AmTech and bring them to Massena and is packaging over $1 million in loan and lease financing assistance in support of the project.
St. Lawrence River Valley Redevelopment Agency CEO Patrick J. Kelly said, "Massena, with its low-cost power and talented workforce, is an ideal location for a manufacturing company like AmTech. We are thrilled that AmTech is making this investment and are excited to work on more projects like this one with the Power Authority through the Power Proceeds and St. Lawrence County Economic Development Power programs."
Western New York
The NYPA trustees awarded a Western New York hydropower allocation to Unifrax to add a second production line at its recently-opened Tonawanda facility. The expansion will create 20 new jobs and generate at least $28.5 million in capital investment. Unifrax is an existing NYPA hydropower customer that receives low-cost hydropower at its three Western New York locations, and was supported by performance-based tax credits through ESD's Excelsior Jobs Program.
The NYPA trustees also awarded $142,000 through NYPA's Western New York Power Proceeds program to the Historic Palace Theater in Lockport in support of $713,000 in planned renovations. The firm is also receiving support from ESD through its Market New York program.
The NYPA trustees awarded a RNY power allocation to Amy's Kitchen, an organic food manufacturer, to support the company's expansion to New York State, creating 681 new jobs and a generating more than $106 million in capital investment. The company plans to construct a new facility in Goshen, Orange County, to increase capacity and meet a growing demand for their specialty foods. The company also received an ESD offer package and is considered a transformational project for the region.
Today's approval of ReCharge NY low-cost hydropower allocations included three companies in the Finger Lakes, supporting the retention and creation of 304 jobs in addition to capital investment commitments of $145 million: HP Hood in Genesee County, AmChar Wholesale in Rochester, and Rochester Insulated Glass in Ontario County.
HP Hood's decision to redevelop the former Muller-Quaker Dairy plant on Ag Park Drive West in Batavia, Genesee County to create 175 jobs was first announced by Governor Cuomo last year. ESD is supporting the project with performance-based Excelsior Jobs Program tax credits and a $2 million capital grant from the Finger Lakes Forward Upstate Revitalization Initiative.
New York City
The NYPA trustees approved ReCharge NY power to four enterprises in New York City, supporting nearly 4,000 jobs and $156 million in capital investments: Amazon Fulfillment Services in Staten Island, Albert Einstein College of Medicine and Calvary Hospital in the Bronx, and Lincoln Center for the Performing Arts in Manhattan.
Amazon Fulfillment Services is receiving RNY power to support the construction of a new fulfillment center in Staten Island, announced by Governor Cuomo last year, consisting of 855,000 square-feet of warehouse and distribution space. Amazon has committed to creating 2,250 jobs at the new facility in addition to a capital investment of $100 million, and ESD has offered support through the Excelsior Jobs Program.
The NYPA trustees awarded seven enterprises on Long Island with ReCharge NY power, supporting 369 jobs, with 23 of those jobs being newly created, and capital investments of nearly $16 million.
The RNY power under the latest round of allocations will be distributed to B&H Precision Fabricators, B&R Industries, Comco Plastics, Crown I Enterprises, and Plastirunn Corporation in Suffolk County and NYU Winthrop Hospital and Won & Lee (Unicorn Graphics) in Nassau County.
A full list of today's economic development awards are available here.
NYPA is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. NYPA 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. For more information visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Tumblr and LinkedIn.
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