Kodak is selling its power plant at Eastman Business Park.
The coal-burning power plant needed upgrades Kodak could't afford.
So now a Chicago-based company is coming in to take it over.
"To us the hardest utility to replicate would be steam," said Doug Singer, VP of Manufacturing for Cerion Energy.
The high-tech chemical manufacturing company was one of the first tenants in the Eastman Business Park.
Utilities drew the business in.
"This is a turnkey operation, you can come in here start business and have utilities up and running right away," said Singer.
With Kodak's bankruptcy, the future of its coal-fired power plant was uncertain.
Until Recycled Energy Development stepped in.
"Our challenge is to convert it to natural gas and increase efficiency of an already efficient park," said Sean Casten, CEO of Recycled Energy Development.
RED wants to make a profit while reducing carbon emmissions.
Kodak hopes cleaner energy will bring in business.
"Some companies in today's sustainability world did not want to come to a park that was burning coal," said Mike Alt, Director of Eastman Business Park.
Red says the park's system was attractive.
"The employees and operators here going back to George Eastman have been able to squeeze every BTU out of a unit of fuel," said Casten.
Over the next year, it will work to replace the coal with natural gas turbines and sell off extra energy the park doesn't need.
Businesses hope want to keep low rates.
"We think hopefully it will net out to be no change," said Singer.
"We have crafted an economic structure jointly with Kodak that keeps the rates the same today," said Casten.
Kodak is hoping the change lets it focus more on its business plan.
"Some of the money we perhaps would have had to put into the plant, we can invest and divert into our emergence plan and some of those growth businesses," said Alt.
And Cerion is now confident it can continue to do work in the park.
"For Cerion the benefit is the comfort and knowledge that the utility will stay on," said Singer.
Rochester Mayor Tom Richards released this statement:
"Kodak announced today an agreement with Recycled Energy Development (RED) for the acquisition, operation and upgrading of the utility infrastructure of Eastman Business Park. The resolution of how and by whom the utility system will be operated is a principal issue for the future of the Park. We are pleased to see activity in addressing this issue. We will continue to work with Kodak, New York State and RED to ensure that the system will remain an asset for the current and future tenants of the Park."
The deal needs court-approval.