Officials with Hendrick Hudson report that the tax deal withEntergy centers on its purchase of the Indian Point III plant fromthe New York State Power Authority. Since that facility wasstate-owned, it was off the municipal tax rolls. However, while theagreement calls for the property to remain so, Entergy wouldprovide Cortlandt and the school district with Payments in Lieu ofTaxes over the next 14 years. Officials contend that the PILOTagreement, which includes the creation of a tax reserve fund, wasnecessary to offset the expected loss in taxes from the sale of theIndian Point I and II nuclear plants from Con Edison toEntergy.

"The district has worked with the town to negotiate with Entergya tax agreement that will allow our schools and programs tocontinue in a stable environment," says Hendrick Hudsonsuperintendent Joan Thompson. "This stability will help us ensureour financial future as we begin the process of negotiating thetaxes on Indian Point I and II. We continue to work toward our goalof remaining financially whole at the conclusion of Entergy'spurchase of all three plants."

Cortlandt Town Supervisor Linda Puglisi adds, "We have reached asignificant agreement that is the key in helping to protect ourtaxpayers from any impacts of the sale of these power plants. Ithas been a cooperative effort to protect our taxpayers from thethreat of reduced assessment and therefore a potential reduction intax revenue for all entities involved."