The Western New York Power Proceeds Allocation Board met this week to award funding to a Buffalo metal fabricator.
Industrial Support Inc. received $88,005 for purchasing a new laser cutting machine, which would help increase and modernize production. The $440,025 project would help retain 23 jobs and create four new ones.
First signed into law in March 2012, the Power Proceeds Board allocates funding generated from excess revenues of power produced at the Niagara Power Project. Private businesses and non-profit corporations within a 30-mile radius of the power plant are eligible for projects meant to create or maintain jobs. A minimum of 15% of available funding must go to energy-related projects.
After this round, the board has allocated a total of $53.5 million to 64 different organizations in four Western New York counties. Of that, 19 Niagara County organizations were allocated $8.4 million, 42 Erie County organizations received $43 million, two Genesee County businesses got $2 million, and one Orleans County business received $150,000.
There is still $42.3 million in fund benefits available, with at least $3.4 million meant for energy-related projects.
The board alternates meetings at the Niagara Power Vista and at NYPA’s Buffalo office, with its next meeting on June 10. Its next meeting at the Power Vista is Aug. 5.