GCEDC board approves Plug Power incentives
The Genesee County Economic Development Center (GCEDC) Board of Directors accepted an initial application for incentives from Plug Power Inc. for a proposed $232.7 million green energy technology facility at Western New York Science & Technology Advanced Manufacturing Park (STAMP) at its March 4 board meeting.
The project, announced by Plug Power on Feb. 25, will produce green hydrogen using an electrolysis process of water utilizing renewable hydropower.
Under the terms of a proposed 20-year PILOT (Payment In Lieu Of Taxes) agreement, Plug Power would pay approximately $2.3 million annually to support local municipalities and infrastructure, including Genesee County, the Town of Alabama, and the Oakfield-Alabama Central School District.
Plug Power will also invest $55 million for the construction of a 345/115KV electric substation in partnership with the New York Power Authority and National Grid to support future expansion and growth opportunities at STAMP.
“Plug Power’s vision at STAMP includes over $100 million of investments into our municipal partners and site infrastructure," said Steve Hyde, GCEDC president and CEO. "These investments further enhance the strengths of our 1,250-acre mega site.
"At STAMP, projects can access low-cost power that is 100-percent renewable and reliable, at a site that is located, zoned and built for projects to succeed within their timelines.”
Plug Power would initially create approximately 68 new jobs at an average starting salary of approximately $70,000 plus benefits, totaling over $95 million in wages over 20 years. For every $1 of public benefit requested, more than $4.3 of planned investment and spending is estimated for the project, and totaling approximately $500 million over 20 years.
A public hearing will be scheduled on the proposed incentives.
The GCEDC Board of Directors also approved a purchase and sale agreement with Plug Power Inc. covering approximately 29.884 acres at STAMP for the proposed project.
In other actions:
The GCEDC board approved $906,000 of incentives to support LandPro Equipment LLC’s planned $9.2 million project to acquire and develop a 14-acre parcel to build a 50,000-square-foot facility for a full-service regional John Deere facility. The planned facility would primarily be used for operations and training, with a portion of the facility used for retail. The project proposes to create five new jobs and retain approximately 60 jobs in Genesee County.
The GCEDC board also accepted an initial application from Forefront Power LLC (Elba Solar) for a proposed $9.7 million community solar project. The project would generate 5 MW of power and is projected to generate approximately $518,803 in new revenue to Genesee County, the Town of Elba, and the Elba Central School District over a 15-year agreement.
The GCEDC board also accepted applications from Solar Liberty for two community solar projects with a capital investment of approximately $7.7 million in. The projects will generate 4 MW and 5 MW of power and are projected to generate approximately $856,024 in new revenue to Genesee County, the Town of Pembroke, and the Akron Central School District over a 15-year agreement.
Public hearings will be scheduled on the proposed incentives for each of the community solar projects.