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Legislature Delays Vote on AES Cayuga PILOT |
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by Marcia E. Lynch
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Friday, 05 February 2010 |
 The Legislature has delayed consideration of support for revising the 20-year Payment in Lieu of Taxes (PILOT) agreement between the County Industrial Development Agency (IDA) and the AES Cayuga power generating facility to provide more time for citizens to obtain information on the proposal.
Lansing Legislator Pat Pryor requested postponement of the vote until the Legislature’s February 16 meeting, saying that she has received, and is continuing to receive, many questions about the proposed revision, and would like additional time to ensure that those who would be affected have their questions addressed.
The proposed renegotiation, focus of a more than hour-long presentation
to the Legislature at its last meeting, is prompted by economic and
market factors that have caused a rapid decline in the plant’s
financial condition, creating an extraordinary situation, as defined in
the agreement.
Terms of a value and phasing plan agreed to by IDA and utility
negotiating teams, would decrease the plant’s valuation over five years
from the current $160 million for 2009 to $100 million in 2013, instead
increasing the value over that period to $255 million. The agreement
governs a system of valuation and tax for the facility, and is not a
tax abatement.
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