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Niagara County IDA Approves Application from New AES Somerset Owners | News

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Niagara County IDA Approves Application from New AES Somerset Owners
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Niagara County IDA Approves Application from New AES Somerset Owners

At the request of various taxing jurisdictions, including the Town of Somerset, the Barker School District and Niagara County, the Niagara County Industrial Development Agency (NCIDA) board of directors today approved an application for assistance from the bondholders of AES Somerset for a modification of a payment in lieu of taxes (PILOT) as well as a mortgage recording tax abatement. The three taxing jurisdictions all passed resolutions seeking support from the NCIDA for the assistance package from the AES bondholders.

“The actions by our board today regarding AES were the result of the requests from the taxing jurisdictions,” said Niagara County Industrial Development Agency Chairman Henry M. Sloma. “AES Somerset has been an economic anchor in our community for years and if the plant were to close it would have devastating economic impacts not to mention the 115 individuals who would have lost their jobs. We as a community could not allow that to happen if there was anything that we could do on our part to save the plant from closing.”

The bondholders are comprised of approximately 20 institutional investors who plan to invest approximately $70 million in the facility over the next couple of years. AES Somerset employs 115 workers with an annual payroll of $15.4 million. 

McNally named to the NCIDA board of directors

In other agency news, Michael McNally, business manager for the plumbers and steamfitters Local 22, was appointed to the NCIDA board of directors. 

“We are delighted to have Mike join our board,” Chairman Sloma continued. “I know he will make a positive contribution to our deliberations as we continue to work to retain jobs as well as bring new jobs and investment to Niagara County.

About the Niagara County Industrial Development Agency:

The Niagara County Industrial Development Agency is a not-for-profit public benefit corporation established in 1972 by the County Legislature. Under the provisions of the New York Industrial Development Agency Act, the NCIDA is empowered to actively attract and develop economically sound commerce and industry, thereby fostering job opportunities, general prosperity, and economic welfare for all residents of Niagara County. The NCIDA utilizes a variety of financing, tax incentive, and job training programs to induce economic growth. Many of these programs can be employed individually to meet a specific need or assembled to form a comprehensive development package.

 

 

 

 

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