Fulton County IDA hears solar project is slated to start sales tax exemptions
JOHNSTOWN — The Fulton County Industrial Development Agency board heard recently that the Nexus Renewables solar project is closing on its sales tax exemptions.
In a status report on the project given at the Fort Johnstown Annex, it was noted a revised lease and revenue sharing agreements, easement agreement and cross access and interconnection easement have all been signed.
IDA attorney Kara Lais is working with Nexus’s attorney on closing documents for providing sales tax exemptions.
Nexus Renewables’ $5.6 million solar project lies adjacent to the Tryon Technology Park in Perth, which the IDA owns. Both the Nexus lands and the park are owned by the IDA.
The project will consist of four separate solar projects, each owned and operated by four separate Solar LLCs. Local governments and businesses can subscribe to Nexus to receive solar credits from this solar project. Credits can be applied to monthly electric bills from National Grid, and Henze said they can reduce monthly electric bills by up to 10 percent.
In 2020, Nexus Renewables filed a project application with the IDA seeking financial incentives for the 8.1 megawatt solar project proposed adjacent to the Tryon Technology Park. Subsequent to filing their project application, Nexus decided to amend its proposed project by dividing it into four components to be developed and operated by Solar 1 LLC, Solar 2 LLC, Solar 3 LLC and Solar 4 LLC.
A revised route would run along the rear property line of the parcel medical marijuana producer Vireo Health occupies and then across IDA-owned land between a pond and wastewater pump station and then interconnect into National Grid’s overhead lines that exist along a secondary access road.
The solar project is due to not be completed until the summer of 2022, or whenever National Grid completes the interconnection.
In other status reports recent provided to the IDA:
∫ Fulton County’s planned Site Inventory and Assessment Project is moving along. Elan Planning/Landscape Architecture/Engineering D.P.C. of Saratoga Springs has been retained by the Mohawk Valley Economic Development District and the Fulton County Center for Regional Growth to prepare an assessment of potential sites.
The board heard a kickoff Zoom meeting was held May 12. .IDA has sent MVEDD information on primary development areas as potential sites.
∫ A report was given on the proposed sale of the former maintenance building at Tryon. Lott Holdings of Amsterdam is still conducting its due diligence on the property. The firm is waiting for National Grid to provide a quote for the utility to run a new electric service to the new transformer Lott Holdings must purchase and install. Lott Holdings needs to receive that quote before it can commit to purchase the building.
The purchase contract calls for Lott Holdings to complete due diligence by mid-July, but the firm requested the date be extended to Sept. 15.
∫ An easement with the Gloversville Board of Water Commissioners was drafted and sent to Lais to review. Her comments were incorporated into a revised agreement. That was e-mailed to a Gloversville water official on July 1.