The Clinton Board of Education and 6 other taxing bodies of DeWitt County will enter into negotiations soon with the Exelon Nuclear Power Plant.
A 4-year agreement with the plan is set to expire, and they will have to enter into negotiations on the appraised value of the power plant. To enter into negotiations, the taxing bodies have hired an economist and appraiser to come in and give an estimate of what the Estimated Appraised Value(EAV) of the power plant would be. Dr. Jeff Holmes, Superintendent of Clinton Schools explains, like every negotiation, the Power Plant representatives will start with a low bid, and the taxing bodies will come in with a high bid.
[audio:powerplantpact1.mp3]Word from Holmes[/audio]
The value of the Power Plant will determine how much money the district receives, which will directly benefit their budget. Dr. Holmes feels getting the property appraised will benefit the district when they sit down at the negotiating table with Exelon.
[audio:powerplantpact2.mp3]Word from Holmes[/audio]
Getting the appraisal will cost about $60-thousand between the taxing bodies, however, because the Clinton School district receives the most tax dollars from the tax dollars generated from the power plant, they will have to foot most of the bill for the appraisal. Dr. Holmes notes the last time these negotiations were done, they did not go to the extent of they are this time, but he feels it necessary this time around.
[audio:powerplantpact3.mp3]Word from Holmes[/audio]
A full appraisal of the Power Plant has not been done in many years, and Appraisal attorney, Fred Lane, believes the investment the taxing bodies are making is worth while. One big part of the appraisal is it is based on income the Power Plant receives. Dr. Holmes is optimistic the value of the power plant will rise, and again, the more the power plant is worth, the more tax funds the school district and taxing bodies will receive.