BUFFALO, NY—The State of New York and theCity of Buffalo have reached an agreement on thesale of 88 acres of city owned property that will be the futurehome of the Buffalo High-Tech Manufacturing Innovation Hubat RiverBend.

The sale price for the parcel is $2.5 million and will allow NewYork State to build a $225-million complex that will hostCalifornia-based high-tech energy companies, SoraaInc. and Silevo Inc., that willcollectively invest $1.5 billion into the project and establishtheir major operations in Buffalo. State officials report theproject will create 850 permanent jobs and at least 500construction jobs. RiverBend is the site of a former Republic Steelmanufacturing facility.

“For decades Buffalo did not receive the support it deservedfrom Albany, but today is a new day and the progress we have madein the past few years is undeniable,” Gov. AndrewCuomo stated when he announced the land sales deal onMonday. “The RiverBend project is one of the most dramatic economicdevelopment undertakings in Western New York's history, and todaymarks a critical milestone for this initiative. Not only is thisinnovative project attracting unprecedented private sectorinvestments and hundreds of jobs, it is also a project that willtie the high-tech and clean energy industries to Western New Yorkfor years to come.”