SATURDAY, JUNE 30, 2012
Thanks to a sweetened tax deal made with the town of LeRay, an Albany energy company is ready to retrofit a former coal plant at Fort Drum to produce biomass energy.
After rejecting the first payment-in-lieu-of-taxes proposal June 14, council members unanimously approved a new deal with ReEnergy LLC on Friday that includes payments from the company for sales tax revenue that the town would have lost, because the property will be removed from its tax roll under the five-year term from 2014 to 2018. The payments in lieu of sales tax will total $124,504 over the term.
After rejecting the first payment-in-lieu-of-taxes proposal June 14, council members unanimously approved a new deal with ReEnergy LLC on Friday that includes payments from the company for sales tax revenue that the town would have lost, because the property will be removed from its tax roll under the five-year term from 2014 to 2018. The payments in lieu of sales tax will total $124,504 over the term.
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