Niagara Gazette

Local News

January 8, 2013

Covanta vote expected on Thursday

(Continued)

Niagara Gazette —

While the city asses the property's value at $44 million, Witryol says that a press release from the company outlining the company's recent debt offering suggests that the Niagara property could be worth upwards of $130 million, meaning that the abatement would be worth much more than the agency suggests.

Regan said the figure could include a number of things not included in real property value such as contract value and equipment, but that the company was unwilling to provide specifics of the debt offering.

"The project debt on the facility doesn't equate to it's value," Regan said. "That's not correct."

Regan said the PILOT is appropriate because it will help the company retain jobs in the future and will create the opportunity for my jobs in the area by growing the infrastructure.

"The new project will actually increase the amount of taxes that go into the system," Regan said.

The agreement application also lists discrepancies in the number of jobs the project will create. The project overview says the expansion will create 23 new full-time jobs and 160 construction jobs during the course of the expansion. 

But in the application there is an addendum that says the company will create 12 jobs in the first year of the agreement and 12 in the second year. On the next page, the jobs are divided into each section of the expansion project. It lists eight jobs being created for the rail transfer facility and six to 10 being created for the special waste handling facility, meaning that, in total, the project could create as few as 14 permanent jobs.

Regan said in an email that those numbers were submitted in error and that between 11 and 19 permanent jobs will be created at the rail transfer station and between six and eight jobs will be created at the special waste facility as a result of the expansion.

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