The Long Term Finance Planning Commission has decided to put their share of MEAG funds towards the Economic Development Commission's efforts to recruit and maintain businesses in Albany.
The funds, which will equal $10 million when all is said and done, will be put into "Albany's Job Investment Fund" and will allow the EDC to more aggressively pursue industries as well as maintain the ones already in Albany.
The MEAG funds were funds set aside by the city and Water, Gas and Light in the event of deregulation. Since that never occurred, that money is being refunded with the city, WGL, and the Long Term Finance Planning Commission receiving a third.
MEAG funds were funds set aside by certain cities in the event of the deregulation of natural gas. The city of Albany receives $3 million a year until 2018.
The Long Term Financial Planning Commission is made up of commissioners from the city and WGL. Each entity receives about $1,000 each year over the course of ten years.
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