Buchanan Reaches PILOT Agreement With Indian Point Owners

BUCHANAN, NY — The village of Buchanan has reached an agreement with the new owners of Indian Point that will provide the municipal with money for at least three years.

Mayor Theresa Knickerbocker said the agreement with Nuclear Asset Management Company and Holtec Decommissioning International, the new owners of the nuclear plant, will pay the village a total of $1.4 million each year for three years with an option to renew for a fourth year.

The money is for a PILOT, or payment in lieu of taxes.

Knickerbocker thanked the companies for sitting down and negotiating with the village an agreement that will give the village certainty with its budget after years of uncertainty.

"I believe it is a fair agreement for the village," she said, "and I will continue to work with Holtec for the release of the 60 acres at the earliest possible date."

The 60 acres refers to part of Indian Point that could be available for development in about two years as opposed to other parts of the land that could not be usable for a decade or longer.