By Eileen Buckley
Buffalo, NY – Historic power allocation legislation was signed by Governor Paterson. The bill calls to create a Western New York economic development fund. It authorizes New York Power Authority profits for the fund. Proceeds would be created from the sale of unallocated expansion power and replacement power from NYPA.
The fund has the potential to provide $10 to $25-million each year in economic development within a 30-mile radius of the Lewiston Power facility.
Buffalo Niagara Partnership president Andrew Rudnick tells WBFO News this is significant for the region, given the lack of economic funding from the state.
"It's huge. It's real money...there's less money available for any economic development initiative and now all of a sudden we have an additional locally allocated source of funds for our opportunities," said Rudnick.
The bill was introduced by Assemblyman Dennis Gabryszak and Senator Bill Stachowski. It's expected to create jobs, maintain jobs and possibly entice new business into the region.
"This is a single victory in the midst of a lot of defeat," said Rudnick.