State lawmakers question whether Tesla lease extension in Buffalo is wise
BUFFALO, N.Y. — Empire State Development (ESD) said it expects to finalize a letter of intent by the summer to extend Tesla's lease of its gigafactory in South Buffalo.
The new deal would increase the rent the company pays for the state-subsidized facility from $1 per year to $2 million through the end of 2029, the original expiration date, and $5 million annually for an additional five years. However, Manhattan state Sen. Brad Hoylman-Sigal said the state Legislature should examine if that's the best path forward.