LOUISVILLE The St. Lawrence County Industrial Development Agency says it plans to market 20 megawatts of low-cost hydropower as part of an overall incentive package for potential businesses looking to invest here.
The 20 megawatts, provided by the New York Power Authority under an agreement with the St. Lawrence River Valley Redevelopment Agency recently ratified by Gov. Andrew M. Cuomo, will join the Industrial Development Agencys growing list of financing and incentive options. The agency offers bond financing and tax reduction incentives, including a mortgage recording tax exemption, sales and use tax exemption and real property tax abatement.
We plan to market the power as something that supplements and extends the program and services that we already have to offer at our disposal, IDA CEO Patrick J. Kelly said Monday. Companies dont make financial decisions based on one incentive.
The IDA also will market the resources specific to the county, Mr. Kelly said.
The power is one of many of our offerings, Mr. Kelly said. We have many other outstanding offerings: five colleges and universities in the area, an international border location and an outstanding work force.
The IDA presented the plan to the River Valley Redevelopment Agency last week.
It was something we all knew, but its the first time we had a presentation on it and now we know exactly what the process is, River Agency Chairman Robert O. McNeil said.
As of today, Mr. Kelly said, the IDA has developed interest and inquiries from businesses inside and outside the county.
Weve had many prospective discussions on the local level, Mr. Kelly said. Were at the beginning of the process. As allocations are made, we can get a sense of direction as to how this overall process is working.