Minutes of the Annual Meeting of the Power - New York Power ...

April 24, 2007
expected growth in employment of four new jobs. NAHI has a new product in development that it expects will
increase sales and employment.
Valeo Engine Cooling – Truck USA, Jamestown, Chautauqua County
Allocation:
1,000 kW of EP
Jobs Commitment: 500 jobs
Background: Valeo Engine Cooling – Truck USA (“Valeo”) manufactures engine-cooling parts for the trucking
industry. For the past year, Valeo averaged 412.33 jobs, i.e., 82.47% of its contractual commitment. The company
lost two large customers’ business in late 2006 to out-of-state competitors due to the high cost of doing business in
Western New York. However, a current customer is about to give the company a significant increase in business in
a few months, which will have a positive impact on sales and employment levels.
RECOMMENDATION
“The Director – Business Power Allocations, Compliance and Municipal and Cooperative Marketing
recommends that the Trustees grant termination authority for two customers with two contracts, approve reductions
in power allocations and/or job commitments for four customers with six contracts, take no action for 32 customers
with 35 contracts and defer action for six customers with 15 contracts, as described above and set forth in Exhibit ‘7-
A.’
“The Executive Vice President and General Counsel, the Senior Vice President – Marketing and Economic
Development, the Vice President – Major Account Marketing and Economic Development and I concur in the
recommendation.”
Mr. Pasquale presented the highlights of staff’s recommendations to the Trustees. He said that Contract
Pharmaceuticals had contacted him the previous evening to inform him that it was planning a new capital
investment that would increase its productivity. President Carey added that staff was recommending to the
Trustees that the action on this company be delayed for two months so that staff can assess the actual effect of
this capital investment.
The following resolution, as submitted by the President and Chief Executive Officer, was unanimously
adopted, as amended.
RESOLVED, That the Authority hereby grants termination
authority for two customers with two contracts and approves the
reduction of power allocations and/or job commitments for four
customers with six contracts as described in the attached memorandum of
the President and Chief Executive Officer and as set forth in Exhibit “7-
A”; and be it further
RESOLVED, That the Director – Business Power Allocations,
Compliance and Municipal and Cooperative Marketing is hereby
authorized to provide written notice to these companies whose allocations
and job commitments are being reduced; and be it further
RESOLVED, That the Chairman, the President and Chief
Executive Officer and all other officers of the Authority are, and each of
them hereby is, authorized on behalf of the Authority to do any and all
things, take any and all actions and execute and deliver any and all
agreements, certificates and other documents to effectuate the foregoing
resolutions, subject to the approval of the form thereof by the Executive
Vice President and General Counsel.
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