CORTLANDT, N.Y. -- The Town of Cortlandt wants to be prepared for when Indian Point in Buchanan closes its doors.
Supervisor Linda Puglisi announced the town has developed a fund, starting this year, to offset the town's loss of $900,000 in revenue when Indian Point shuts down in 2020 and 2021.
Puglisi said $100,000 each year from the fund balance will be placed in a separate reserve account.
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.
"(This) will help stabilize the revenues from our largest taxpayer in four years and into the future," Puglisi said.
Officials from Entergy and New York State agreed to shut down both nuclear reactors at the Indian Point facility by April 2021 in January. Entergy said running the plant is no longer financially viable.
Under the agreement, one of the reactors will be shuttered in 2020 with the second to close down by 2021.