JAMESTOWN – The Jamestown Board Of Public Utilities on Monday approved a new flex-rate agreement with Monofrax, who has participated in the program since it was founded.
According to a media release from the BPU, the new agreement with Monofrax will cover two years and three month, starting Aug. 1. It’s a renewal of the first BPU/Monofrax agreement, which was signed in 2009 and renewed in 2013.
BPU General Manager David Leathers says the BPU’s flex rate agreement program was developed to enhance andpreserve the community’s economy by offering lower electric rates to large industrial and manufacturing companies located in the BPU’s electric territory which agree to continue to invest in their facilities and workforce.
“The BPU is pleased to offer our flex rate agreements to qualifying local businesses,” said Leathers. “We want to assist and support manufacturers who are operating in our community.”
Monofrax President William Andrews stated that Monofrax LLC will continue investment in the Falconer manufacturing plant by purchasing new equipment, upgrading older equipment, expanding production capabilities and maintaining the general upkeep of the buildings and grounds.
“The renewal of the flex rate agreement is critical to our operation and its importance cannot be overstated,” said Andrews. “In accepting this agreement, Monofrax will retain a minimum of 25 local jobs for every 1000 Kilowatts of demand and make investments in the facility over the term of the agreement.”
The flex-rate program is intended to help the Jamestown area attract new industry and support existing business.
Monofrax is located in Falconer on Allen St. Extension.