M&T will buy a former HSBC data center in the Buffalo suburb of Amherst, reports Jonathan D. Epstein at the Buffalo News. The bank is hoping to retain the tax breaks that HSBC scored for the facility, like payment-in-lieu-of-taxes deals, and to pick up new incentives:
The bank is seeking sales tax breaks totaling $8.488 million over 10 years on the technology and equipment purchases. It has also held discussions with the Empire State Development Corp. and State Power Authority about obtaining low-cost hydropower "to meet the high energy demands of a data center." In its application to the Amherst agency, M&T said the relocation will allow it "to expand its data processing capability in support of the recent acquisition of Wilmington Trust [Corp.] and future acquisitions for the next 10 to 15 years." It also said the move will double its data center capacity, allowing "for additional future growth in our Amherst and other Western New York facilities over the very long term."
Trashy revenues
Albany suburb Colonie is considering "privatizing" its trash, to generate up to $100 million in revenue for the town, reports Brian Nearing at the Times Union:
Under the proposal, which could face a Town Board vote later this month, town residents could see trash disposal rates climb. Annual increases are capped to changes in inflation under the federal Consumer Price Index. The cash infusion would instantly solve the town's deficit problem, pay off $25 million in landfill bonds, and set up reliable revenue for years, Mahan said. "This could be a great victory for the residents," [town supervisor Paula Mahan] said. "It could help our bond rating, and help our future. We had a 10-year plan to fix our finances and this would accomplish our goals in 31/2 years."
The transition to manufacturing computer chips on bigger silicon wafers could be a boon to the Capital Region, which already boasts significant chip fabrication facilities, reports Larry Rulison at the Times Union.
From Kodak to City Hall
Rochester has a new deputy mayor, the former director of operations for Kodak. Brian Sharp reports for the Democrat and Chronicle that Leonard Redon is being tapped in part for his lack of government experience:
"He doesn't know a lot about government, and that's a good thing," [Mayor Tom] Richards said, explaining the city has a wealth of governmental experts but must seek new approaches given its long-term budget constraints. "This isn't just a matter of getting things done. This is a matter of getting things done better."
Want more money news from the Innovation Trail? Subscribe to the feed.
