Tag: Economy

Jan 7

2014

60 Minutes critical of Soraa investor Khosla

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Billionaire venture capitalist Vinod Khosla, who was the subject of a controversial 60 Minutes program that aired Sunday, is a chief investor in one of the two cleantech companies moving here under the Buffalo Billion program. Soraa, which makes LED lighting, lists Khosla Ventures as one of its three top investors. Khosla Ventures general partner Samir Kaul is a member of Soraa’s board of directors. Manny Hernandez, a former operating partner with Khosla, is also on Soraa’s board. The 60 Minutes program “The Cleantech Crash” has come under scrutiny from environmentalists and cleantech supporters on claims that it misrepresented the health of the industry. Khosla, who Forbes called the “Man With the Golden Touch,” has invested more[...]

Posted 10 years ago

Dec 20

2013

Yahoo gets $200M tax break in Lockport

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The tax breaks for the Yahoo data center in Lockport just keep coming. The Lockport IDA on Thursday granted the company a sales tax waiver on equipment purchases for the next 20 years. This is but the latest in tax breaks granted by IDA officials. A report from The Buffalo News.

Posted 10 years ago

Dec 17

2013

Heaney talks subsidies on WBFO

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Investigative Post editor tells Eileen Buckley on Press Pass that the clean energy initiative at Riverbend represents progress, but is not the panacea that project proponents are claiming. He also expressed concern that many subsidized projects, including planned Uniland-Delaware North building in downtown Buffalo, do little to build the region’s tax base.

Posted 10 years ago

Dec 16

2013

Moody’s cautious on Buffalo Billion investment

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An analysis by the influential rating service on the clean energy project recently announced by Gov. Andrew Cuomo concludes: “The long-term impact to the region may be limited … The clean technology industry is relatively volatile … and its ability to jumpstart a struggling post-industrial economy is untested.” A report from State of Politics.

Posted 10 years ago

Nov 26

2013

Subsidies in NY have doubled since 2010

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Gov. Andrew Cuomo’s tax commission has determined that corporate tax breaks totaled $1.8 billion last year. “If you eliminated all the credits, you could cut business taxes enormously for everybody,” one official told the New York Daily News.  

Posted 10 years ago

Nov 26

2013

Delaware North’s endless subsidies

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Those upset by the prospect of Delaware North Companies receiving public subsidies to move into new office space are 13 years and some $4 million too late. The company has been receiving public assistance since it moved into its present headquarters at Key Center in 2000. Sales and property tax breaks, some of which continue until its office lease expires in 2015, total an estimated $4.1 million. That’s not counting the $11.6 million low-interest line of credit Delaware North obtained from the city when it moved into its new quarters for a spell, until federal officials objected because the money[...]

Posted 10 years ago
Investigative Post

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