The awards follow recommendations by the Western New York Power Proceeds Allocation Board. They are made possible from net earnings from the sale of unused hydropower from NYPA’s Niagara power plant and stems from legislation signed into law by Governor Andrew M. Cuomo in 2012.
“Western New York Power Proceeds funding continues to provide excellent critical economic development tool support for the region,” said John R. Koelmel, NYPA chairman. “These awards will further advance development of the technology sector as an essential component of the Buffalo-Niagara economy.”
Among the recipients is Campus Labs, the leading platform and service provider for assessment in higher education. It provides the only specialized, assessment program that combines data collection, reporting, organization, and campus-wide integration.
The company is receiving $400,000 to assist in moving to 298 Main Street in downtown Buffalo to assist with floor plan and electrical system upgrades. The building has been identified by the city for redevelopment and will be transformed into a high-tech hub with Campus Labs as the anchor tenant. In addition, Campus Labs will receive up to $2 million in performance-based Excelsior Jobs Program tax credits from Empire State Development.
A $90,000 award will be given to PostProcess, which has developed patent-pending high-frequency surface machines, detergents, abrasives and polishers to automate the finishing of 3-D printed parts. Such parts are a growing market, as more manufacturers seek cost-effective methods to meet large-scale production.
The funding will help the company buy demonstration equipment for a training and benchmarking lab and add nine new positions and retain 12 jobs. The funding will allow the company to retain 12 jobs and create nine new positions.
“We’re excited that we can help these companies grow and prosper,” said Gil C. Quiniones, NYPA president and CEO. “Our low-cost power has long been an engine of economic development and these awards ensure the entrepreneurial spirit that has taken hold in Western New York continues to flourish.”
To be eligible for power proceeds awards, enterprises must be located within a 30-mile radius of NYPA’s Niagara power plant and the projects must support the growth of business and lead to the creation or protection of jobs. Contracts include provisions for periodic audits to ensure the funds are used for agreed-upon purposes.
Including the latest awards, 41 enterprises have received more than $35 million in funding since 2013. Through the end of September, NYPA has provided more than $41 million to the proceeds fund.