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Nov. 17, 2011

Oswego County Legislature to Hold Public Hearing on Nuclear Plants' Tax Status

OSWEGO - The Oswego County Legislature today scheduled a public hearing on a local law that paves the way for a new tax agreement with the Nine Mile Point I and II nuclear power plants. The public hearing will be at 2 p.m. Tuesday, Nov. 29, in the Legislative Chambers of the County Office Building, 46 E. Bridge St., Oswego.

Unlike the expiring 10- year tax agreements, the new tentative agreement:

  • Would be three years in length, ending in fiscal year 2014;

  • Would increase the base payment to the county from $7.45 million to $10 million annually, comparable to what the plants would pay if placed on the tax rolls; and

  • Would increase payments to the County in 2013 and 2014 by $186,000 and $190,000, respectively.

The proposed tax agreement would also remove the risk to taxpayers and the plants' owner of having to pay for expensive prolonged tax certioraris (tax challenges on the plants) in court, and the expense of an unpredictable result. It would also stabilize local tax rates by insulating taxpayers from wide swings in the plants' assessed values caused by unpredictable energy markets in the current down economy.

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