Canal Side Agreement to Help Finance Development Along Waterfront

July 13, 2010 Updated Jul 13, 2010 at 3:08 PM EDT

By WKBW Internet

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July 13, 2010 Updated Jul 13, 2010 at 3:08 PM EDT

BUFFALO, NY (WKBW) -- Officials from the New York Power Authority (NYPA) along with members of the Erie Canal Harbor Development Corporation (ECHDC), held a ceremony marking the signing of an agreement that officials call the 'catalyst for major development of the Canal Side Project.'

The agreement will allow for ECHDC to issue $105 million in bonds to finance major development opportunities at the Erie Canal Harbor.

According to the ECHDC, the Canal Side Project has the potential to generate about 1,000 new jobs, almost $9.5 million in annual sales tax revenues and $1.2 million in new yearly property taxes for the City of Buffalo.

Officials are hoping this re-licensing agreement with NYPA will allow the construction of shops, restaurants, entrainment spaces and other pieces of Canal Side to move forward.