NY S07870

Creates the Northern New York Power Proceeds Allocation Board with five members appointed by the Governor to review and recommend awards of fund benefits from net earnings generated by hydroelectric power sales.

Establishes the Northern New York Economic Development Fund to receive net earnings from the sale of St. Lawrence County Economic Development Power in the wholesale energy market, with quarterly deposits by the Power Authority of the State of New York.

Limits the amount of power that can be used to generate net earnings to 20 megawatts initially, reducing to 10 megawatts after five years, and requires at least 15 percent of fund earnings to support energy-related projects.

Restricts fund benefits to eligible projects in St. Lawrence County that create or maintain jobs and tax revenues, excluding public interest advertising, lobbying, political activities, litigation expenses, retail businesses, and residential properties.

Requires the Board to establish written procedures for reviewing applications at least twice annually using nine specified criteria including job creation, capital investment, project necessity, and alignment with regional economic development strategies.