Jun. 8—The WNY Power Proceeds Allocation Board has allocated $370,000 to two Buffalo-based organizations.
LaunchNY, a workforce development nonprofit and clean technology incubator, received $250,000 and the Buffalo Niagara Convention & Visitors Bureau received $120,000 for a new marketing campaign. The allocations were approved during the board's Tuesday meeting at the Niagara Power Vista Visitors Center in Lewiston.
The money comes from the Western New York Economic Development Fund, made of net earnings from New York Power Authority's sale of unutilized expansion and replacement power. It funds economics development in a 30-mile zone around the Niagara Power Project. The power sold for these funds is equal to 270 megawatts.
LaunchNY anticipates that it will train up to 100 businesses over a two-year period, with the support it gives having the potential to generate $10 million annual revenue in five to seven years. Emily Alkiewicz, the manager of business power allocations and compliance for New York Power Authority, said they are engaged with underrepresented communities to lead these clean energy companies.
"The overall goal of the project is to continue the momentum of the entrepreneurship that has been fostered in the region over the past decade and expand it to underrepresented neighborhoods and underserved founders," Alkiewicz said.
The incubator also has support from the Ralph C. Wilson Jr. Foundation, the John R. Oishei Foundation, the U.S. Economic Development Administration, M&T Bank, National Grid, NYSEG and JPMorgan Chase & Co.
The Buffalo Niagara Convention & Visitors Bureau campaign will target people with an affinity for art, heritage, tourism, and outdoor recreation to travel to the Buffalo-Niagara region, including residents of neighboring regions of the United States and southern Canada.
According to Alkiewicz, visitors to Erie County spent more than $1.8 billion on loading, food and beverage, recreation, and retail in 2019, supporting 30,000 jobs and generating $221 million in state and local taxes.