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BESICORP DESIGNATES
RENSSELAER AS PREFERRED SITE
FOR IMMEDIATE RELEASE Besicorp-Empire Development Company, LLC ("Besicorp") announced at a press conference called by Mayor Lynn M. Ganance of the City of Rensselaer on Monday, June 26, 2000, that the BASF Corporation ("BASF") chemical plant facility in the City of Rensselaer, New York has been designated as the preferred site for locating its proposed Empire State Newsprint Recycling Project. Among those speaking in support of the project at the announcement were New York State Senator Joseph L. Bruno, New York State Assemblyman Ronald Canestrari and Mayor Gerald Jennings from the City of Albany, as well as Mayor Lynn M. Ganance, Council President Thomas Nardacci and Albany County Executive Michael Breslin. The Company has been conducting an extensive search throughout New York, as well as other states, for the proposed $680 million project. Besicorp plans to construct a 100% recycled newsprint paper manufacturing facility and a natural gas-fired combined cycle cogeneration power plant as a single integrated facility. The Common Council of Rensselaer previously passed a Council resolution supporting the location of the project at the existing BASF chemical plant in Rensselaer, which BASF has announced will close at the end of this year. Besicorp reported that a final decision on the location of the project is contingent on BASF and Besicorp reaching final resolution on environmental remediation and indemnification to support the planned construction start date. BASF and Besicorp have recently entered into a Letter of Intent regarding the acquisition of the BASF property. Besicorp anticipates that BASF will remediate the brownfield site in a timely manner in order to comply with the permitting schedule for the project. President of Besicorp Development, Inc., William T. Seils, states, "The prospect of remediating and re-utilizing an existing brownfield site with an environmentally sound facility and bringing significant economic benefits to the community fits well with Besicorp's corporate mission. We are very pleased with the level of cooperation and exchange of information from the political and community leadership, and we are excited about the opportunity to provide economic, environmental and social benefits to Rensselaer and the Capitol Region. We also believe this project meets the recycling, clean power generation and brownfield restoration goals of New York State. We pledge our commitment to work responsibly and in unison with the community, business and State leaders to meet the high standards and regulatory requirements appropriate for a project of this magnitude." Besicorp-Empire Development Company, LLC is a joint venture between Besicorp Development, Inc. and Empire State Newsprint LLC Contact: Nancy Unger (914) 336-7700 x140.
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