POUGHKEEPSIE – The Dutchess
County Industrial Development Agency has given preliminary approval to
exemptions for mortgage tax recording fees and sales tax on construction
materials for the Cricket Valley Energy Center in the Town of Dover.
A payment-in-lieu-of-taxes arrangement is in the process of being negotiated,
said Town Supervisor Linda French.
The IDA must still grant final approval of its financial incentives after a hearing is held.
The total cost of the power plant is some $1.5 billion, perhaps the largest project ever in Dutchess County, said IDA Chairman Charles Daniels III.
“It is one of the largest ones I have ever experienced,” Daniels said. “The original Gap back in the ‘90s might have rivaled that in today’s dollars; at the time I think the Gap was one of the largest commercial real estate deals in the United States during the time, so this certainly rivals that.”
Once the construction begins, possibly this fall, it should take three years to complete.
