Summary
JAY - Assessors voted unanimously Monday to give the former owners of a natural gas-fired power plant a $386,792.89 tax abatement and to reduce the 2005 valuation of the cogeneration center from $117.7 million to $90 million.
The decision saved taxpayers from potentially paying back $3.3 million in taxes for 2004 and 2005, if the decision had gone to court and the company won. That would have required a nearly 20 percent property tax increase, which would have been potentially crippling to Jay homeowners, Town Manager Ruth Marden said in a statement released to the news media.See the full content of this document
Extract
'Take the Money and Run'
The money to repay the company will come out of the town's general fund, Marden said during Monday's meeting.
The board...See the full content of this document
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