NY Power Authority Accelerates Payments to Niagara Falls

November 9, 2012 Updated Nov 9, 2012 at 6:11 PM EDT

By WKBW News

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November 9, 2012 Updated Nov 9, 2012 at 6:11 PM EDT

NIAGARA FALLS, NY (WKBW/Release) - This morning at the New York Power Authority’s Trustee meeting, the Board approved a plan to provide assistance to the people of Niagara Falls by accelerating payments to the city.

NYPA will make payments that it committed to provide to the City under the 2007 relicensing of the Niagara Power Project.

The Power Authority will convert an $850,000 annual payment stream that it would otherwise provide the city with over the next 44 years into an equivalently valued lump-sum amount of approximately $13.45 million.