Home Business NYPA announces funding, power allocation for two area businesses – NNY360

NYPA announces funding, power allocation for two area businesses – NNY360


MASSENA — Two area businesses have committed to employing at least 85 employees as part of funding and power allocations announced by the New York Power Authority on Tuesday.

The Power Authority’s Board of Trustees approved a $51,000 funding award under the Northern New York Power Proceeds program to In-Law Brewing Company in Chase Mills. They also approved a 10-year contract extension of 1,850 kilowatts of low-cost St. Lawrence hydropower to Upstate Niagara for use at its North Country Dairy Facility in North Lawrence.

Funding for In-Law Brewing Company will directly support building construction, the purchase of machinery and equipment, and other items related to the business, allowing it to expand its craft beer operation. The funding also supports the creation of five new jobs as part of the project.

The company was established in 2017 and currently operates from a 100-year-old dairy barn in Chase Mills. It produces up to 18 different craft beers.

The Northern New York Power Proceeds Act allows NYPA to deposit the net earnings from the market sale of unutilized hydropower from the St. Lawrence-FDR Power Project in Massena into a fund, which can be used to support economic development in St. Lawrence County.

The Power Authority board also approved the 10-year contract extension of 1,850 kilowatts of low-cost power. NYPA officials said the company is committing to employee at least 80 full-time employees and an average of $2 million per year in capital investments for the extended term of the allocation.

NYPA’s hydropower allocations from the St. Lawrence-Franklin D. Roosevelt Power Project are provided to manufacturers under seven-year contracts and are reserved for businesses in Franklin, Jefferson and St. Lawrence counties.

All together, the Power Authority Board of Trustees approved economic development in support of 960 jobs and $153 million in capital investments during their meeting on Tuesday.

Sen. Betty Little, R-Queensbury, and Assemblyman Billy Jones, D-Chateaugay, welcomed the news about North Country Dairy.

“North Country Dairy is a big employer and major economic contributor in our region, so I am very pleased with this news of a 10-year contract extension,” Sen. Little said in a statement. “I appreciate Governor Cuomo and NYPA directing this financial resource to support this plant which specializes in yogurt, especially at this critical time.”

“The 10-year agreement to provide low-cost power to North Lawrence Dairy will support our local dairy farmers, workers and our community,” Mr. Jones said in a statement. “It is important to provide this valuable resource to assist our existing business as we work to strengthen and rebuild our economy.”

Let’s block ads! (Why?)

Original Post Source link