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Town hears options for Champlain Hudson Power Express payments and host‑community agreement
Summary
Board reviewed state valuation of the Champlain Hudson Power Express underwater cable in town, heard that developers disputed a roughly $12.5M proportional assessment, and discussed options including a 30‑year pilot agreement or a community benefits package; members requested comparative scenarios and charts showing municipal and school impacts.
Chair briefed the board on the Champlain Hudson Power Express (CHPE) valuation issue, explaining that New York State places a special franchise assessment on underwater cable mileage and that a proportional value linked to project cost has been placed on the tax rolls (the town’s proportional valuation cited near $12.5 million). Developers are disputing the state valuation and have proposed discussions around a pilot schedule or a community benefits/host‑community agreement.
Chair described options and tradeoffs, including a pilot that would offer predictable payments for a fixed term versus accepting the assessment and collecting whatever the tax year yields. He explained the accounting nuance: because tax rates can decline as overall assessments rise, the town could receive a relatively small annual amount even if the assessed value is high in the early years.
Board members requested side‑by‑side scenarios showing (a) revenues under a pilot schedule, (b) flat‑tax projections if assessments stay stable, and (c) the school district’s exposure. No decision was made; staff will prepare comparative charts and run numbers for a future discussion.
