Tag: Economy

Feb 2

2024

Unions, lawmakers renew push for IDA reform

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Union officials, lawmakers and good-government groups gathered in Albany this week to announce a renewed push for industrial development agency reform. Photo by Arabella Saunders, New York Focus. A version of this story was first published by New York Focus, a nonprofit news publication investigating power in New York. Sign up for their newsletter here. The fight to curb tax breaks issued by industrial development agencies has a powerful new ally: labor unions. Good government groups, legislators, a local development authority board member and their latest allies from the statewide teachers union and the AFL-CIO gathered in Albany Wednesday to urge the[...]

Posted 1 year ago

Jan 30

2024

Tonawanda Senecas to feds: Reject Plug Power loan

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The Tonawanda Seneca Nation is urging the Biden administration to reject a $1.6 billion loan sought by hydrogen producer Plug Power, alleging the company is evading federal environmental reviews at its planned Genesee County facility.  At issue is what Plug Power will spend the money on should the federal government approve its loan application later this year. Company executives have discussed the loan as essential for the company after it filed a statement with the Securities and Exchange Commission in November which stated “substantial doubt that we will have sufficient capital to fund our operations through the next 12 months.”[...]

Posted 1 year ago

Dec 28

2023

J. Dale Shoemaker’s subsidy reporting

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Another year coming to a close. Another 525,600 minutes (almost) expired. As Jonathan Larson asked three decades ago: How do you measure a year? It’s an especially tough question for a reporter like myself who writes about the economy and economic development. There’s any number of metrics — interest rates are up, now steadying; inflation is up, now slowly coming down; wages are up slightly; so is rent — but all of those numbers tend to miss the big picture. Are we in a recession? Or is the economy doing great and we’re just in a “vibe-secession,” caused by our[...]

Posted 1 year ago

Dec 20

2023

IDAs look to dish out housing tax breaks

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This story was produced by Investigative Post and New York Focus and based on interviews with 30 lawmakers, officials, advocates, lawyers and developers, as well as a review of data and historical records. Gov. Kathy Hochul’s push for more housing has been interpreted by industrial development agencies as a green light to ramp up controversial tax breaks for developers. The state’s 107 IDAs have never been explicitly authorized to subsidize housing and some lawmakers say that’s for a reason: Housing creates few permanent jobs compared to the industrial and commercial projects the agencies were designed to support. When IDAs do[...]

Posted 1 year ago

Dec 14

2023

Lawsuit: Radioactive slag at affordable housing project

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A developer claims subcontractors used radioactive slag as construction fill at an affordable housing project just north of Buffalo’s medical campus. Now the developer wants the subcontractors, and the company that sold them the contaminated material, to pay $1.6 million for the cleanup, and other costs. The allegations were made in a lawsuit filed last week in federal court by the Buffalo-based McGuire PV Holdings, LLC. The company is in the midst of a years-long effort to revitalize the Pilgrim Village affordable housing complex, located between Michigan Avenue and Ellicott Street, across the street from Gates Vascular Institute. McGuire claims[...]

Posted 1 year ago

Nov 13

2023

State still spending money on Tesla factory

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If you thought New York was done spending money on the Tesla’s factory in South Buffalo, think again. Documents obtained by Investigative Post under the Freedom of Information Law have revealed a $29 million fund that state officials have allowed Tesla to spend on various projects around the plant.  The state has so far allowed Tesla to spend $1.4 million of the fund. The money has been spent on a new boiler, a rotary screw air compressor and additional truck parking.  There’s another eight projects on the to-do list and $27.4 million available. Requested projects include a new cafeteria, an[...]

Posted 1 year ago

Nov 6

2023

Hochul doubles down on a mistake

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Putting a huge industrial park in rural Genesee County was a mistake to begin with. The site was too rural. It lacked infrastructure. Auto dependent. That was the conclusion of a smart-growth analysis mandated by state law. State economic development officials used a loophole to green light the location anyway, and Steve Hyde and his Genesee County Economic Development Center went to work, thanks to some $43 million in state assistance. For nearly a decade, progress was slow. The site, known as STAMP, or Science Technology and Advanced Manufacturing Park, remained fields and farmland. No tenants were to be had.[...]

Posted 1 year ago

Nov 3

2023

More state money for embattled industrial park

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The state is investing an additional $56 million in the STAMP industrial park to finance the completion of infrastructure projects that are the subject of legal and regulatory disputes. Gov. Kathy Hochul on Thursday announced that Genesee County Economic Development Center, the economic development agency constructing  STAMP, will receive $56 million for various infrastructure projects. They  include an on-site wastewater treatment facility and pump station, a nine-mile sewage transmission line, a water main, natural gas lines and road improvements. The Genesee County EDC has been building STAMP’s infrastructure for several years. Some of the work has run into legal or[...]

Posted 1 year ago
Investigative Post