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Congressman Higgins Hails NYPA & ECHDC Approval of Buffalo Waterfront Development Funding Agreement |
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Today, in separate board meetings, the New York State Power Authority (NYPA) Board of Trustees and the Erie Canal Harbor Development Corporation (ECHDC) Board of Directors approved the agreement, announced by Governor Paterson on Saturday, December 12, which will expedite NYPA relicensing settlement payments to Western New York.
“We appreciate the Boards’ support for this historic arrangement which will bring $105 million to Buffalo for waterfront development,” said Congressman Brian Higgins. “I would like to thank Governor Paterson, ECHDC Chairman Jordan Levy and NYPA President Richard Kessel, advocates throughout this process, and leaders who worked with us to develop this victory for Western New York. This community will continue to see great progress happening at a swift pace along the water’s edge.”
NYPA has agreed to expedite and enhance the current waterfront funding stream provided to ECHDC under the 2007 Relicensing Settlement Agreement. Specifically, NYPA will accelerate its financial commitment to provide WNY with $4.7 million a year for 20 years. In addition, NYPA will provide an Industrial Incentive Award which would provide an additional $3.7 million per year for the next 20 years. These initiatives will provide the funding for EDHDC to advance the Canal Side project which will include residential and commercial mixed-use development and ample public space improvements.
The state’s Economic Development Power Allocation Board will also consider this agreement in the coming weeks.
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Washington, DC Office
431 Cannon HOB
Washington, DC 20515
Phone: 202-225-3306
Fax: 202-226-0347
Erie County Office
Larkin at Exchange 726 Exchange Street Suite 601 Buffalo, NY 14210 Phone: 716-852-3501 Fax: 716-852-3929
Chautauqua County Office
Fenton Building
2 East Second Street
Suite 300
Jamestown, NY 14701
Phone: 716-484-0729
Fax: 716-484-1049
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