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Home heating prices could fall, Insurers may have to reveal how they price premiums, Olin may add 11 jobs, Locals sue against "corporate welfare," Groups call for economic development subsidy reform and two NT projects seek PILOTS from Niagara IDA

From Business Today:

Thermostat

National Fuel says local home heating bills could fall in price this winter.  The average heating bill is expected to be about $10 cheaper this year than last, and about $400 cheaper than it was from 2005 to 2006.

Natural gas commodity prices are at about the same level they were a year ago, when costs were the lowest in nine years and about $200 less than the previous 11 winters.

Documents

 Health insurers may soon be required to release all documents concerning rate price hikes, showing how insurers price premiums. The State Department of Financial Services, much to the dismay of insurers, plans to make the data public by late November.

Olin

A Niagara Falls manufacturer is planning a $20 million investment it said could lead to 11 new jobs. Olin Corp. plans to build four new buildings and add 11 skilled jobs with salaries from $75,000 to $80,000 per year. The Niagara County Industrial Development Agency will hold a hearing Oct. 24 on a related 15-year payment-in-lieu-of-taxes program.

The Virginia-based company said it will doubly ramp up bleach production, which it already tripled in 2008 with a $6.5 million investment. It makes chlorine, caustic soda, hydrochloric acid and bleach.

LeeBordeleau

A lawsuit filed to stop the state from giving taxpayer money to private companies for use in economic development was heard in the state's highest court Wednesday.

Filed by Niagara Falls financial planner Lee Bordeleau and 49 other anti-tax activists, the suit said so-called "corporate welfare" violates the state's constitution.

SamMagavernPPG

Also Wednesday, activist groups gathered in Niagara Falls to call for reforms in economic development spending. The Partnership for the Public Good, along with the Coalition for Economic Justice, the WNY Area Labor Federation and the Niagara-Orleans labor Council outlined a litany of what it called flaws in the way IDAs and the New York Power Authority dole out taxpayer funds "in the name of economic development. The groups released a report analyzing the main problems and offering solutions.

TaylorDevices

The Niagara County Industrial Development Agency heard plans for two projects in North Tonawanda Wednesday. Taylor Devices, which makes industrial-strength shock absorbers, is planning to purchase and renovate three buildings on Ironton Street next to the former Roblin Steel site on Oliver Street. The company is seeking a 15-year PILOT arrangement for the $2.7 million project, which it says will create 20 jobs next year, along with another 10 in 2013.

A Wheatfield couple planning to turn a three-story brick building on Webster Street into a boutique hotel and restaurant is seeking a 10-year PILOT agreement. The $4.5 million project will result in the Gateway Harbor Inn, in the former Teddy Bear Carpets building across from the Riviera Theatre. A public hearing is set for Oct. 21 in the NT Public Library on Meadow Drive starting at 3 p.m.

Who is getting hired, promoted and honored?

So, is it going to rain or not?

 

tagged

Economic Development | Energy | Insurance | Manufacturing
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