Covanta Niagara LP submits application for assistance
BY: Metro Source Staff | December 16, 2012
The Niagara County Industrial Development Agency Wednesday received applications for assistance from Covanta Niagara L.P., a major economic development projects in the city of Niagara Falls.
The application will be voted on at the January board meeting after public comment sessions are held.
Covanta Niagara L.P. plans to invest $30.1 million at its Niagara Falls facility on 56th Street on various capital investment projects to enhance the company’s steam operations capacity.
The capital investments include funding of $5 million to build a new steam line; $10.5 million capital investment to expand steam operations; $9 million to build a new rail transfer facility; and, $5.6 million to build a new special waste handling facility.
Covanta Niagara L.P. employs 86 workers and once the investment projects are completed the company will add 23 new jobs increasing its workforce to 109 with a total annual payroll of approximately $10.9 million.
The projects also will create 160 construction jobs.
“The Covanta project is the proverbial sweet spot for our agency in that it is a clean energy company, the project is located in the City of Niagara Falls and perhaps just as important, the expansion will remediate a brownfield site,” said Henry M. Sloma Chairman of the Niagara County Industrial Development Agency. “It is important to note that this multi-million investment will support the operations of Greenpac which also benefited from the support of our agency. We are proud of the work of our board in creating and retaining jobs and the significant capital investment being made in the city of Niagara Falls.”
Covanta Niagara, L.P. is part of Covanta Energy, an international company that utilizes state of the art technology to manage facilities that generate energy from waste.
Covanta Niagara L.P. provides process steam for several companies in Niagara Falls that provide hundreds of jobs. The need for the expansion is the result of the construction and operations of the Greenpac paper mill facility.
The estimated cost benefit analysis calculates that the project will have an annual positive economic impact of approximately $37.8 million in Niagara County. Covanta Niagara L.P. is seeking a 15-year PILOT, sales tax abatements and a mortgage recording tax abatement.