As Moog Inc. prepares to undertake a $26 million renovation and expansion in Niagara Falls, the state is helping out with an extra $1.6 million in funding to pay for a portion of the costs.
The Western New York Power Proceeds Allocation Board on Tuesday voted to recommend the funding, which must be formally approved by the New York Power Authority Board of Trustees.
The aerospace and defense contractor will use the money to renovate its space propulsion facility in Niagara Falls by replacing older equipment with energy-efficient systems and constructing two new buildings with 10,000 square feet of additional space. The project will retain 50 jobs and create 100 new ones, officials project.
The power proceeds represent net earnings from the sale of unused hydropower from NYPA's Niagara Hydroelectric Power Plant, which are deposited into the Western New York Economic Development Fund under state law to spur capital and job growth. The fund has $41 million in accumulated dollars, of which $35 million has been approved by NYPA trustees for awards to projects within 30 miles of the Niagara Power Project.