The board of the state's economic development arm has approved $7.2 million in incentives for Recycled Energy Development to put toward purchasing and upgrading the Eastman Business Park utilities system.
Recycled Energy Development is purchasing the Eastman Business Park utilities.
The incentives, approved yesterday, include a $3.6 million grant and a $3.5 million loan, according to a press release from Empire State Development. The grant will go toward the $12.4 million in acquisition costs while the loan will facilitate $5.5 million worth of efficiency upgrades, says the press release.
The Eastman Business Park utilities include a power plant, water system, steam, and various other systems. Local government and economic development officials say the low-cost utilities are part of what makes the park attractive to certain key industries.
The power plant needs upgrades in order to comply with forthcoming air quality regulations, however. Recycled Energy Development, which is purchasing the utilities from Kodak through its subsidiary RED-Rochester, plans to re-power the plant with cleaner-burning natural gas-fired boilers; it currently is powered by coal.
The company plans to spend between $40 million and $80 million to upgrade the plant.
The state Public Service Commission has approved the sale and given RED the approvals necessary to operate the utility system.
At 10 a.m. today, government, Kodak, and Eastman Business Park officials will give a community update on the Eastman Business Park. That'll be held at the park, in Building 28's Colonial Dining Room.