Cortlandt Creates Fund to Offset Loss of Indian Point Revenue

CORTLANDT, NY — Cortlandt town officials plan to put aside $100,000 a year from now until 2021, when Indian Point shuts down completely. They're creating a fund — basically a savings account — to offset a little bit of the massive revenue hit the town will take when Entergy's annual $900,000 payment ends.

Town Supervisor Linda Puglisi sent out this notice:

The Town Board and I have developed a fund beginning in 2017 to offset the Town’s loss of $900,000 each year in revenue once Indian Point’s two nuclear reactors close in 2020/2021.

$100,000. each year will be placed in a separate reserve account. The monies will come from our annual fund balance/surplus.

This has been voted on by the Town Board and I and will help stabilize the revenues from our largest taxpayer in four years and into the future.

Entergy, owners of Indian Point had signed in good faith a PILOT agreement in 2014 for the next ten-years. We did not know at that time the plants would be closed during this period. In January of 2017 Entergy, along with the New York State Governor announced that these nuclear plants located in the Village of Buchanan/Town of Cortlandt will be closing in four years.