LOUISVILLE – The St. Lawrence River Valley Redevelopment Agency says they are “optimistic” that Gov. Andrew M. Cuomo will sign a contract allocating 20 megawatts of low-cost hydropower for area businesses by the deadline Monday.

The contract was sent to Gov. Cuomo for his consideration in late May after it was approved by St. Lawrence County Industrial Development Agency, the River Agency and the New York Power Authority. The governor has 60 days to approve the contract. The contract expires Monday.

“We’re optimistic that he will sign it,” IDA CEO Patrick J. Kelly said Tuesday.

The contract calls for NYPA to allocate 20 megawatts to the Massena Electric Department.

If approved, the 20 megawatts from the New York Power Authority will be used to help attract new companies to the area and retain existing ones.

The River Agency is waiting on the approval of the contract before passing a resolution that would allow River Agency Chairman Robert O. McNeil to sign a $54,000 contract with the MED to help facilitate the power.

The MED will help run the “day-to-day management operations involved with distributing the power” through the New York Power Authority and National Grid, MED Superintendent Andrew J. McMahon said.

The MED will also help “collect data on rates and usages of power by businesses,” which will help the River Agency and IDA in their allocation process, said Mr. McMahon. Once Gov. Cuomo approves the contract, Mr. McNeil said the River Agency will finalize the terms of the allocation process.

“We don’t want to put the cart before the horse,” said Mr. McNeil.

Gov. Cuomo was unavailable for comment.

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