Supercharging the region | Local
There is a 1.45% indexation clause built into the agreement. For example, the payment to Washington County starts at around $ 766,000 in the first year and will be $ 1.9 million in the 30th year.
In addition, O’Brien said CHPE has agreed not to challenge the valuation during the term of the agreement – even of the declining value of their land.
Another advantage is that unlike any other commercial and residential development, this project will not put any demand on local services, O’Brien said. There are no requests for utilities or more students entering school districts.
The communities that will receive tax revenue are the cities of Dresden, Fort Ann, Fort Edward, Hartford, Kingsbury, Putnam and Whitehall and the villages of Fort Ann, Fort Edward and Whitehall, as well as Washington County itself.
Five school districts will receive payments – Fort Ann, Fort Edward, Hudson Falls, Putnam and Whitehall.
The share of tax revenue that each city, town, or school district receives is determined by the portion of the line that crosses that community.
Once construction funding is secured, CHPE will provide IDA $ 2 million. He will make another payment of $ 2 million when the project starts operating.
The IDA has granted a sales tax exemption for CHPE of approximately $ 8.18 million.