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

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

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