Niagara Gazette

Local News

January 9, 2013

Covanta unanimously granted tax breaks for Falls facility

(Continued)

Niagara Gazette — The agency gives tax breaks to companies to make the Falls a viable location for operations.

"If we can help make business sense through their operator they are going to stay and operate and continue to invest in this community," he said.

Amy Hope Witryol, a retired bank executive and former state senatorial candidate, urged the agency's board of directors to take a closer look at the finances of the deal before making a decision. She believes the numbers presented by the NCIDA underestimate the amount of taxes being abated in the agreement and overestimate the amount of value being created for the community.

"From my view, the IDA voted to send $20 million to New Jersey," Witryol said.

Witryol said the agency's estimates use a much smaller amount of assessed value on real property than it should for the abatement and counts jobs created and retained which would that will remain or be created regardless of the tax break as part of the community benefit.

"All the information the company filed with the SEC and represented to its stock holders contradicts the basis on which this PILOT was approved," Witryol said. "As someone who spent 25 years loaning money I've seen more due diligence on a $200 credit card than was done by this board in reviewing this agreement."

Big Red Number $8M Amount in tax savings granted to Covanta on Thursday

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