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Commissioners approve agreements that may lead to wind farm tax abatement
Credit: By BILL RICHMOND, City editor | Winchester News-Gazette | Published: Monday, August 5, 2013 | www.winchesternewsgazette.com ~~
Translate: FROM English | TO English
Translate: FROM English | TO English
The Randolph County Board of Commissioners Monday approved the road use, economic development and decommissioning agreements necessary to proceed with a 10-year tax abatement for the proposed Headwaters Wind Farm to be established in central and southwestern Randolph County by EDP Renewables.
County Council today is due to consider approval of the tax abatement.
Commissioner Mike Wickersham asked a series of questions about the nature of the agreements with EDP.
Wickersham said the agreement requires EDP to make economic development payments to the county over the 10-year lifespan of the proposed abatement, but what if the company defaults in year seven or eight? Will the taxes they pay be equivalent to the economic payment they are responsible to make?
EDP Project Manager Jeffrey Nemeth said the agreement includes a guarantee, a letter of credit from EDP’s parent company, that will then make the payment.
For the rest of the story, see the print or e-edition of Tuesday’s News-Gazette.
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