The Federal Energy Regulatory Commission Thursday approved a new 50-year license for the Niagara Power Project.  This is the final federal step in moving the funding secured in a settlement agreement between Buffalo and Erie County and the New York Power Authority, which operates the Niagara Plant.  

"This community stood up for itself and demanded a fair and equitable settlement in the Relicensing agreement with the New York Power Authority," said Congressman Higgins.  "Over the last 50 years, industries, once bustling with commerce and drawn to our region because of our proximity to the Niagara Power Plant, have left the Buffalo waterfront.  Completion of this license allows this community to move forward in transforming the abandoned inner and outer harbor into a new center for public activity which fits the needs of today and tomorrow."

FERC members voted unanimously to approve the Niagara Power license, Item No. H-1, Docket Number P-2216-066, on the March 15, 2007 meeting agenda.  The NYPA board must now accept the new license. 

According to the Erie County/City of Buffalo Relicensing Settlement Agreement approved in June 2006, within 60 days of the acceptance of the new license, the Power Authority shall make an initial payment of $1 million to the Erie Canal Harbor Development Corporation to be used to support economic development and revitalization activities within the vicinity of the Buffalo Waterfront.  Within 60 days of acceptance NYPA must also provide $1.5 million plus proceeds of the sale of 5 megawatts or $1 million, which ever is greater, into a separate Waterfront Development Fund.