RAYMONDVILLE — A new wind farm will soon be churning tax dollars for the school district.
E.ON Climate & Renewables’ second wind farm will generate about $1.5 million in payments in lieu of taxes over a 10-year period, Austin-based attorney Kevin O’Hanlon said yesterday.
In exchange, the district would cap the wind farm’s maximum taxable value at $20 million during the 10-year period, O’Hanlon said.
The wind farm’s projected taxable value is $80 million.
As part of a proposed 10-year agreement, the wind farm would pay the school district about $150,000 a year, O’Hanlon said.
He said the wind farm is expected to begin making payments after construction starts next year.
School officials plan to put the annual installments in the general fund budget that currently stands at $19.3 million, Superintendent Johnny Pineda said.
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