ALBANY – A total of $24 million has been included in the new state budget for communities affected by power plant closures.
The power plant closure fund provides financial assistance to municipalities and school districts that experience a 20 percent loss in tax collections directly due to a power plant closing. Last year $15 million was added to the fund, bringing the total to $56 million.
Indian Point’s two nuclear reactors are to shut down in 2020 and 2021.
Buchanan Village Mayor Theresa Knickerbocker said the plant closure will have a “significant impact” on the village, which receives more than 40 percent of its revenue from Indian Point. “With additional funds authorized for the state power plant cessation fund, we are now more confident that the state’s assistance will be there when we become eligible.”
Cortlandt Town Supervisor Linda Puglisi said the funds will be used by the communities of Buchanan, Hendrick Hudson School District, Town of Cortlandt and Westchester County. While she said the funding is helpful to cover a portion of the lost revenue each year, “it certainly will be helpful to cover a portion of the lost revenue when the plants close.”
State Senator Terrence Murphy and Assemblywoman Sandra Galef pushed for the additional funding.