Originally published by Marcus Wolf on NNY360
A Toronto solar developer, and the Florida company that will buy the four arrays it builds in the towns of Orleans and Clayton, received financial support through a tax deal approved Thursday.
The Jefferson County Industrial Development Agency approved four payment-in-lieu-of-tax agreements for OYA Solar’s projects, one agreement for each five-megawatt array, but all with the same terms. The agreements grant relief from paying property taxes to company OYA agreed to sell the arrays to, NextEra Energy Resources, for 15 years in exchange for less expensive annual payments to the affected taxing jurisdictions.
Jefferson County Legislator William W. Johnson, who serves on the JCIDA board of directors, said the agreements should abate what the company would pay in taxes after construction of the arrays, which would increase the value of the properties they were built on, by 44 percent over a 15-year-period.