Ceretto Applauds Governor’s Decision To Provide Financial Assistance To City Of Niagara Falls

November 9, 2012
Assemblyman John Ceretto (R,I,C-Lewiston) today applauded Governor Cuomo for approving a plan that will provide assistance to the City of Niagara Falls to help address budget issues related to an ongoing casino-revenue dispute between New York and the Seneca Nation. Assemblyman Ceretto noted that Niagara Falls received approximately $18 million a year in casino revenue as a host city before the dispute and is currently owed more than $60 million.

“This revenue boost will provide the City of Niagara Falls with important funding needed to meet its debt obligations, help avoid layoffs and provide necessary services in these difficult economic times,” said Ceretto. “This is truly a victory for the City of Niagara Falls and shows what can be accomplished when elected officials work together for the common good. I applaud Governor Cuomo for addressing this issue and his continued focus and attention on issues impacting Western New York.”

Ceretto met with the Governor’s office last spring in order to discuss ways to provide funding to the City of Niagara Falls while the state and Seneca Nation work to resolve the issue of casino payments to localities and exclusivity zones for the Seneca Nation’s casinos.

Under the finalized plan, the New York Power Authority (NYPA) will accelerate payments to Niagara Falls in accordance with the 2007 re-licensing of the Niagara Power Project. NYPA also 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.

“The City of Niagara Falls was in dire circumstances, but with today’s announcement that NYPA has approved a plan to help the city address its current budget issues, this will allow us more time to find long-term solutions to the city’s fiscal challenges,” said Ceretto. “I commend Governor Cuomo and NYPA for today’s action, and I pledge to continue to work with the administration to resolve the ongoing casino-revenue dispute.”