Boston, MA 06/17/2014 (wallstreetpr) – The Procter & Gamble Company (NYSE:PG) – Albany campus property sub-lease was given a green signal on June 16, 2014 by the Albany-Daugherty Payroll Development Authority (PDA). The Authority agreed to a resolution which gives assent to the sub-lease on Albany-P&G campus property, which would be used for building the renewable energy facility by the Albany Green Energy.
Statement From The PDA Chairman
The Chairman of PDA, Jeff Sinyard said that the resolution was a mandatory step in this process because in the year 2009, the Authority had taken ownership of this Procter & Gamble Company (NYSE:PG) property. This was done as a way of providing tax abatement to the company. Because after that incidence, PDA became the owner of the campus property, therefore it was required that the Authority agreed to the sub-lease.
Use Of The Albany-P&G Campus Property
Now that the PDA gave a nod to the sub-lease to Albany- Procter & Gamble Company (NYSE:PG) campus property, therefore, it will be utilised for building a facility that would help in facilitating steam as well as energy to Albany plant. This facility will be situated North of P&G campus. The energy will in turn, be used for P&G’s efforts of being greener.
In this context, Albany Green Energy’s Tim Swanson told PDA that their company will make use of residual forest products for creation of steam as well as energy, which would only be utilized for Procter & Gamble Company (NYSE:PG) plant. This would enable the company to make use of green energy as well as bring various other benefits to the paper machines of Albany.
Job Creation Through The New Plant
A member of PDA board as well as the Chairman of city’s Water, Gas & Light Commission, and Albany Mayor Dorothy Hubbard asked the company about creation of the jobs by the new renewable energy plant. In an answer, it was disclosed that around 200 construction jobs will be required for building the energy plant. Apart from this, 25 jobs that will be well-paying would also be created for this purpose.
