Proposed solar farm’s payments to Putnam County could reduce burden on homeowners and businesses while funding county services
The Putnam County Commissioners approved an economic development agreement for the proposed Cold Spring Solar Farm that guarantees the project would provide more than $40 million to the County. The funding would come in the form of at least $5.7 million in up-front economic development payments and an estimated $40 million in property tax payments over the 30-year life of the project.
The economic development agreement was negotiated between Putnam County officials and project owner Arevon Energy and specifies the terms for economic development payments and tax payments from the solar farm as well as a property tax abatement that will apply to the first 10 years of the project’s life.
The addition of new, stable tax revenue from the solar farm will broaden the county’s tax base and could reduce the tax burden on Putnam County homeowners and businesses.
“This agreement shows how solar energy can help strengthen Indiana communities. We are grateful to Putnam County for creating an agreement that will benefit their residents, local landowners and Indiana’s energy sector for years to come,” said Thomas Hudzik, Development Director at Arevon Energy. “County officials struck a great balance between the need for economic development, the interests of the community, and the property rights of individuals.”
Cold Spring Solar Farm is a proposed 200-megawatt solar project that would be located on private land east of Russellville, IN. The project would generate enough clean electricity to power more than 30,000 homes while providing lease payments to local landowners and creating more than 220 construction jobs.
Cold Spring Solar Farm will need to meet all applicable legal and environmental requirements, including the standards in Putnam County’s solar ordinance, to be approved for construction. The project needs to complete development work, finalize design, and obtain required permits. Construction is not anticipated to start before 2024.
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