New York State will provide low-cost electricity to 22 businesses, non-profits and other organizations around the state in exchange for promises to create or retain jobs. Unifrax's recently opened facility in Tonawanda and the Historic Palace Theater in Lockport are among the beneficiaries this year.
The power and funding incentives are provided through five state programs, including Recharge NY, which uses low-cost hydropower as an economic development incentive. More than 700 businesses and non-profit organizations are enrolled in the program. State officials said the power comes from New York's Niagara and St. Lawrence-Franklin Roosevelt power plants.
"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," said Power Authority President and CEO Gil Quiniones. "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."
The state said Unifrax will add a second production line in Tonawanda, creating 20 new jobs and generating at least $28.5 million in capital investment. Unifrax already receives low-cost hydropower at its three Western New York locations and was supported by performance-based tax credits through Empire State Development's Excelsior Jobs Program.
Also awarded was $142,000 to the Historic Palace Theater through New York's Power Proceeds Program, in support of $713,000 in planned renovations. The theater is also receiving support from Empire State Development through its Market New York program.