Senator James Alesi (R-Monroe) and Assemblyman Robin Schimminger (D-Erie) have introduced legislation that would allow Industrial Development Agencies (IDAs) to offer reduced-rate power as an incentive to companies considering locating or expanding in New York through IDA-funded projects.
The two legislators are chairmen of the Senate Commerce Committee and the Assembly Economic Development, Job Creation, Commerce and Industry Committee, respectively.
The idea, "Advance New York," is modeled on the state's Power for Jobs program. It would offer reduced-rate power to employers using IDA funding to create jobs, said Brian McMahon, director of economic development for The Business Council.
A for-profit business that invests at least $5 million in new manufacturing, warehousing-and-distribution, or research-and-development facilities or equipment would be eligible if it creates 10 or more fulltime jobs in the funded project. The power would be received only after the business showed the sponsoring IDA that it has met minimum levels of investment and job creation.