2004

For Release: Immediately

Contacts:
Fred M. Krajacic (Ciminelli) (716) 631-8000 ext. 3038
Peter Sigurdson (NYSERDA) (716) 842-1522 ext. 300

Ciminelli Development Partners with NYSERDA to Cut Energy Costs by 30 Percent at 10 Buildings
State provides $482,957 in incentives for energy-efficiency measures

Williamsville, NY - Ciminelli Development Company, Inc. has partnered with the New York State Energy Research and Development Authority (NYSERDA) to implement energy-efficiency upgrades at ten buildings within the company's portfolio, a move that will save more than 30 percent in energy costs and reduce harmful emissions.

"Successful businesses know that energy efficiency is a sure way to reduce their bottom line and remain economically competitive. We are pleased to partner with Ciminelli Development and look forward to additional opportunities to pursue efficiency measures at their other facilities," NYSERDA President Peter R. Smith said.

"The project timeline was set to start in early September with a completion date by the end of 2004," said Fred M. Krajacic, vice president for Ciminelli Development. "We look forward to enhancing our energy management system as well as improving our customer service by passing along the benefits to our tenants."

Smith said NYSERDA will provide $250,000 in financial incentives through the New York Energy $mart^SM Commercial/Industrial Performance Program (CIPP) to help reduce the end-cost of the energy-efficiency upgrades. Under the program, financial incentives provided by NYSERDA go directly to energy service companies to help lower the overall project cost and to help promote the development of the energy service company sector of the State's economy.

In this instance, Ciminelli Development worked with DWC Mechanical, Inc. and Gerster Energy Solutions to perform the upgrades. The measures include the installation of energy-efficient rooftop HVAC units, lighting and energy management systems at each of the ten properties.

It is estimated that Ciminelli Development will save an estimated $179,000 annually in energy costs and more than1.5 million kW/h annually in energy use.

In addition, Ciminelli Development also took advantage of the New York Energy $mart^SM Loan Fund to help pay for the cost of the energy-efficiency work. The Loan Fund reduces the interest paid on the loan by 4 percent. Loans can be made up to $1 million for terms of up to 10 years on pre-qualified and custom energy-efficiency measures approved by NYSERDA. Loans are secured through participating local banks.

By utilizing the Loan Fund, Ciminelli Development will save $232,957 in interest charges over the term of its 10-year loan.

One of Western New York's largest full-service real estate firms, Ciminelli Development owns, manages or has developed over 8.5 million square feet of office, warehouse, industrial and medical facilities throughout Western New York, Florida, and Southern Ontario.

Since 1998, NYSERDA has provided more than $26 million to support more than 500 projects in Erie and Niagara Counties. Combined with co-funding from NYSERDA's partners, the value of these projects is more than $65 million. Among some of the other customers NYSERDA is working with in Erie and Niagara Counties, are: State University of New York at Buffalo, Veridian Engineering, Inc., Quebecor, Kreher's Poultry Farm, HSBC Bank USA and Niagara Frontier Transportation Authority.

All New York Energy $mart^SM programs are funded by a System Benefits Charge (SBC) paid by electric distribution customers of participating utilities. NYSERDA, a public benefit corporation established by law in 1975, administers SBC funds and programs under an agreement with the Public Service Commission. The programs are available to all electric distribution customers (residential, commercial, institutional, and industrial) of Central Hudson, Con Edison, NYSEG, Niagara Mohawk, Orange and Rockland, and Rochester Gas and Electric.

Additional information about these programs can be obtained at www.nyserda.org or 1-866-NYSERDA.

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