Saturday, October 17, 2015

Will money pave the way?

Per the PILOT agreement, Exelon will pay the town $73 million in taxes and just under $2.2 million in Community Preservation Act (CPA) money, beginning in year 1 with $3,811,248 in taxes and $114,337.44 in Community Preservation Act (CPA) money. 
In year 20, the final year of the agreement, the company will pay $3,482.432.14 in taxes and $104,472.96 in CPA money, per the PILOT agreement. 
Those figures are based on an initial valuation of just under $209 million in the first year that the facility is built. 
In the final year, the plant’s value falls to $190,922,814.93, according to the agreement. 
The agreement will be negotiated in the 19th year. 
The Board of Selectmen will vote on both agreements on Monday, but the PILOT will go to voters at Annual Town Meeting next May.

Continue reading the article on the recent negotiations (subscription may be required)

Facebook photo from Stop Medway Power Plant group page
Facebook photo from Stop Medway Power Plant group page

Related articles on the power plant expansion under discussion in Medway

On the water needs

Background on the expansion

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