Tag: economic development

Aug 24

2022

Subsidies for South Buffalo pot farm

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Updated: 1:46 p.m. A pot growing operation in South Buffalo has received two major subsidies from economic development agencies. The first, in January, came from the New York Power Authority, which approved an allocation of 2.9 megawatts of discounted hydropower. That equates to $3.5 million in savings over 10 years, based on 2021 energy prices, a NYPA spokesman told Investigative Post. The second subsidy came Wednesday from the Erie County Industrial Development Agency, which approved tax breaks worth $3.1 million over 15 years.  It’s the first subsidy the IDA has awarded to a marijuana producer and the second largest tax-break[...]

Posted 3 years ago

Aug 10

2022

Big tax breaks for Amazon in Niagara County

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It took the Niagara County Industrial Development Agency less than a minute Wednesday to approve $124 million in tax breaks for Amazon to bring 1,000 warehouse jobs to the Town of Niagara. Amazon, one of the world’s largest and wealthiest companies, plans to open a 3-million-square-foot warehouse along Lockport Road, which will be a “first mile” distribution center where bulk shipments of goods will arrive and be sorted and packed for shipment to other Amazon facilities in the region. The goods will make their way to customers from those other facilities. Despite hearing concerns from residents about the $15-per-hour jobs[...]

Posted 3 years ago

May 11

2022

Yet another failing Niagara Falls project

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A lot of big ideas have been floated for revitalizing the City of Niagara Falls and most of them have ended the same way: in disappointment.  Residents are still waiting for Niagara Falls Redevelopment — a company owned by New York City real estate developer Howard Milstein — to do something with the 140 acres it acquired downtown as part of a 1997 Master Redevelopment Agreement with the city.  The most-recent effort to renovate and reopen the Hotel Niagara, an iconic 1920s-era building on Rainbow Boulevard that has been vacant for more than a decade, stalled last year amid financing[...]

Posted 3 years ago

Apr 4

2022

WNY tops the list of most wasteful subsidies

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New York state has a long history of squandering huge amounts of taxpayer money on economic development projects that yield little to no returns.  A new report highlighting the state’s “Dirtiest Dozen” economic development deals ranked four Western New York projects at the top of the list.  The report, developed by the American Economics Liberties Project, a nonprofit organization that advocates for corporate accountability, singled out the subsidy package offered to Plug Power to locate a facility in Genesee County – at a public cost of $4 million per job – as the worst of the worst.  “The most expensive[...]

Posted 3 years ago

Mar 24

2022

Hochul pressed on subsidy reform

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New York doles out more subsidy dollars than almost any state in the nation and one of its more noteworthy programs was marred by corruption. The problems have been evident for years, and especially since Investigative Post exposed bid-rigging in the Buffalo Billion program in 2014 that eventually sent one of Gov. Andrew Cuomo’s top economic development officials, along with a major campaign contributor, to federal prison. So what have state officials done to promote transparency and accountability? Not much, according to a coalition of 18 good government groups whose philosophies span the political spectrum. In a letter earlier this[...]

Posted 3 years ago

Feb 2

2022

Intel lured by $2 billion subsidy

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The microchip subsidy game is getting more and more costly for taxpayers. Multiple media outlets reported this week that it cost the state of Ohio more than $2 billion worth of incentives to convince tech-giant Intel Corp. to invest $20 billion in the construction of two chip-making plants just outside of Columbus. The subsidy package for what’s been described as the largest single private-sector company investment in Ohio history reportedly involves $1.2 billion in cash incentives, including a direct cash grant to the company valued at $600 million.  Economic development officials in Ohio described the $600 million as an “onshoring[...]

Posted 3 years ago

Jan 25

2022

How a stadium can benefit the community

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This is the first of a three-day series in our continuing in-depth coverage of issues related to a proposed stadium for the Buffalo Bills. Before the NBA’s Los Angeles Clippers broke ground last summer on a new arena, the team’s owners, elected officials and civic groups made certain the $1.8 billion project would benefit the entire community. In September 2020, the parties signed a community benefits agreement, or CBA, that outlined who would get jobs and contracts during and after construction, how much those jobs would pay, what the project would look like, and how the city and its residents[...]

Posted 3 years ago

Jan 24

2022

Another high-tech miss for Genesee County

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Another tech giant with big microchip expansion plans is bypassing New York, this time for Ohio.  Intel Corp. announced on Friday plans to invest at least $20 billion to develop amicrochip manufacturing complex  in Jersey Township, outside of Columbus. Company officials said the plant will employ 3,000. Construction is expected to begin later this year, with production expected by the end of 2025.  Intel’s CEO Pat Gelsinger said the project is part of the company’s plans to invest $100 billion to build up to eight microchip factories on the Ohio campus by 2030. The project is being billed as the[...]

Posted 3 years ago
Investigative Post