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Hen Hud Calls For Creation Of Reserve Fund After Indian Point Closure

Joe Hochreiter
Joe Hochreiter Photo Credit: Contributed

MONTROSE, N.Y. -- Facing the loss of its biggest taxpayer, the Hendrick Hudson School District is asking for some help from the state.

Superintendent Joseph Hochreiter has expressed his support for the creation of a reserve fund to offset the fiscal impact of Indian Point nuclear power plant's closure and for the creation of a study regarding the reuse of the property.

The provisions were recently passed by the New York State Senate.

“These proposals will provide the district with needed flexibility to ensure financial stability for our community as the Indian Point PILOT (payment in lieu of taxes) payments scale down due to its closure," Hochreiter said. "We need these proposals enacted so our community has more assurances moving forward."

In January, Entergy, which runs Indian Point, announced they would be shutting down Unit 2 in 2020 and Unit 3 in 2021. The closures come after Entergy reached a settlement agreement with New York State. As part of the shutdown agreement, the state has agreed to drop all legal challenges against the plant.

Indian Point makes up 33 percent of the revenue in the Hendrick Hudson school district budget. After the plant closes, PILOT payments will decrease each year before ending in 2025.

The reserve fund would allow the district to create its own savings account to offset future tax hikes caused by the plant's closure.

"I am hopeful the Assembly will support the Senate's proposed language regarding Indian Point,” said Hochreiter. “While we remain shocked and stunned at the closure, we now need to move forward creating financial stability for our community. These proposals do just that - ensure financial stability so large potential tax hikes are mitigated in the future."

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