UPC Wind, an independent North American wind power company, has finalized an agreement with New York's Steuben County Industrial Development Authority (SCIDA), establishing the second of two major economic packages for the region as part of its Cohocton and Dutch Hill wind power projects.
The agreement, called a payment in lieu of taxes (PILOT) payment, will be administered by SCIDA and used to provide more than $14 million in revenue and services to the town of Cohocton, the Wayland-Cohocton School District and the Avoca School District in New York.
The PILOT payments join several other significant economic benefits of the Cohocton and Dutch Hill wind power projects, including:
– $11.5 million over the first 20 years of the project as part of a host agreement with the town of Cohocton.
– $14.5 million over the first 20 years of the project in PILOT payments that SCIDA will administer.
– Roughly two-thirds of the annual tax burden for area special improvement districts.
Construction began on the Cohocton wind project in the fall. Upon completion, the Cohocton and Dutch Hill wind projects will include 50 2.5 MW wind turbines. In total, the project is expected to produce approximately 125,000 MWh of renewable electricity annually.