AES is closing its Somerset power plant for up to 6 months. The company is in bankruptcy and owes $600 million. The plant will be auctioned March 26, but no layoffs have yet been mentioned for the plant's 115 workers. The closure has community leaders worried, since many budgets are heavily funded with tax revenues from the plant. The Barker school district's 2012-2013 budget is counting on AES for 38 percent of its funding.
Avanti Advanced Manufacturing, a plastic injection molding company and Blockbuster Costumes, which distributes costumes and party supplies, will relocate to Buffalo and Sloan, respectively. The BNE helped bring a third Canadian company, Nutrablend Foods, in 2009 and helped it commit to expanding here in November. All three are expected to invest more than $1 million and create 35 jobs.
Check out recent real estate transactions in Erie and Niagara Counties for the week ending Nov. 11. The highest-priced property in Erie County went for $1.025 million while the highest price tag in Niagara County was $650,000.
The Community Reinvestment Act was enacted by Congress in 1977 to encourage banks to meet the credit needs of their communities by requiring them to invest everywhere that they take deposits. M&T has had the Federal Reserve Bank's highest CRA rating every year for nearly 30 years.
It's part of an effort toward increased transparency. Past and projected financial information, assumptions and other data submitted by insurers when requesting rate hikes can now be found on the state Department of Financial Services Web site.
Despite the state's unique abilities and potential in the field, the state still struggles to compete against other states and is losing out on opportunities to create jobs. To remedy that, the report says the state should push for more investment in life sciences firms.
A bankrupt Jamestown furniture maker has filed notice with the state that it will close its manufacturing plant in February. The filing comes just two months after Crawford Furniture said it would close its retail stores to focus on manufacturing. Company representatives said it hopes the plant's closing will be temporary while the company ramps up its network of independent retailers to sell through nationally. But if its attempts at securing more national retail channels fails, the plant will close for good and 101 workers will lose their jobs.