Friday, April 26, 2024 | St. Lawrence County, NY
Empire State Development approved $101.1 million in economic development funding that is expected to create 634 jobs across the state, but St. Lawrence County’s share of the money will go largely …
This item is available in full to subscribers.
To continue reading, you will need to either log in to your subscriber account, or purchase a new subscription.
If you are a digital subscriber with an active, online-only subscription then you already have an account here. Just reset your password if you've not yet logged in to your account on this new site.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
Empire State Development approved $101.1 million in economic development funding that is expected to create 634 jobs across the state, but St. Lawrence County’s share of the money will go largely to Alcoa in an effort to retain jobs.
Statewide the funding supports projects that are creating 634 new jobs and retaining more than 1,500.
Of the $101.1 million, St. Lawrence County will receive about one-third of the total, but no new jobs are expected as part of the plan.
About $20.6 million will go to Alcoa, while the remaining $8.6 million will go toward the Newton Falls Railroad project.
Alcoa Inc. will use working capital grants of up to $20.6 million to subsidize the Alcoa Massena plant to continue operations and retain hundreds of jobs.
In November 2015, Alcoa announced its intention to idle one smelting plant in Massena and permanently close another due to low aluminum prices, as well as uncompetitive smelting and refining capacity, which would have resulted in the loss of nearly 500 jobs in St. Lawrence County.
As a result of negotiations with Alcoa, on Nov. 24, 2015, Gov. Cuomo announced that a deal had been reached that would retain 600 jobs and ensure the continued operation of the Massena West Plant. As part of that agreement, ESD will provide $20.6 million to Alcoa for working capital purposes. The North Country Regional Economic Development Council has been made aware of this project, which is consistent with the Council’s plan to support existing employers.
St. Lawrence County IDA Newton Falls Railroad Phase 2 (North County Region – St. Lawrence, Jefferson, Lewis Counties) – $8,672,000 The St. Lawrence County Industrial Development Authority will use a grant of up to $8,672,000 for a portion of the Phase 2 costs to rehabilitate 46 miles of railroad track on the Newton Falls railroad line in Jefferson, Lewis and St. Lawrence counties.
This priority project will be completed in December 2016 and aligns with the North Country Regional Economic Development Council’s strategy to preserve and rehabilitate rail structures in the Adirondacks
