MALONE – The Franklin County Industrial Development Agency Board of Directors on Monday took the next step toward making the Jericho Rise wind farm project a reality.
The board voted to approve two measures –– an inducement resolution and an agent agreement with EDP Renewables, the parent company for the Jericho Rise project.
The inducement resolution, according to IDA CEO John Tubbs, will designate the Jericho Rise wind farm as an official “project” under New York State’s IDA Act. This would allow the county IDA to prepare a cost-benefit analysis on the project and schedule a public hearing on the findings.
Tubbs said after the meeting that the IDA has received proposals to undertake the analysis from several firms. Once a firm has been contracted and the cost-benefit analysis has been completed, the IDA will schedule a public meeting to report on the findings.
The second document, the agent agreement, will allow EDP to claim a sales and use tax exemption on materials used in the construction of the 37-tower wind farm. The exemption is designed to lower overall start-up costs for authorized projects. EDP has been authorized to act as the IDA’s agent in constructing the wind farm, which will consist of 29 tower in the town of Chateaugay and eight in the town of Bellmont.
The IDA approved a payment-in-lieu-of-taxes agreement with EDP last week that will provide approximately $310,000 per year to be divided among the towns, Franklin County and the Chateaugay Central School District. The towns would also split an additional “host community” payment of about $389,000 per year under the agreement.
“I am excited that this project will be moving forward,” said IDA board member Andrea Dumas.
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