MASSENA, N.Y. — Gov. Andrew Cuomo on Tuesday signed a bill that allows proceeds from the sale of a block of hydropower from the St. Lawrence-Franklin D. Roosevelt Power Project to benefit economic development in St. Lawrence County.
The St. Lawrence-Franklin D. Roosevelt Power Project in Massena is the U.S. portion of an international hydroelectric facility that “produces some of the cleanest and cheapest power in North America,” according to the website of the New York Power Authority.
The Northern New York Power Proceeds Allocation Act will generate about $2 million a year from the hydropower sale, Cuomo’s office said in a news release.
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The money will be available to qualified enterprises in support of capital investments and new jobs in the region.
“St. Lawrence County plays an important role in driving the economy throughout the North Country, and this legislation supports that relationship by clearing the way for targeted investments in some of the region’s best assets,” Cuomo said in the release. “I am proud to sign the Northern New York Power Proceeds Allocation Act because it gives another boost to help attract businesses and create jobs in the region.”
The nearly $2 million in earnings will come from the sale of hydropower that in 2012 was made available to the Town of Massena to allocate to businesses in consultation with local economic-development organizations.
The organizations included the St. Lawrence River Valley Redevelopment Agency and the St. Lawrence County Industrial Development Agency Local Development Corporation, according to Cuomo’s office.
The New York Power Authority earlier in December reached a tentative agreement with the St. Lawrence Local Government Task Force (LGTF). The pact included the provision allowing the use of proceeds from this sale for funding awards to eligible businesses and nonprofits in St. Lawrence County.
The tentative agreement between NYPA and LGTF follows the completion of a 10-year review of a settlement accord between the two entities for the 2003 federal relicensing of the St. Lawrence-Franklin D. Roosevelt Power Project.
The new law creates the Northern New York Economic Development Fund, which will provide the awards to eligible businesses from the net earnings from the sale of up to 20 megawatts of hydropower.
The legislation also creates a Northern New York Power Proceeds Allocation Board, which will make recommendations on how to allocate power based on specific criteria, including capital investments and jobs.
Cuomo will appoint five members to sit on the board. NYPA trustees will consider the board’s recommendations and award grants as they are approved.
The Northern New York Power Proceeds Allocation Act is similar to legislation created in 2012 for the use of unutilized hydropower from NYPA’s Niagara Power Project for economic development in Western New York, Cuomo’s office said.
Contact Reinhardt at ereinhardt@cnybj.com
