Project set for completion in 2022
By Guy Chapman – Navarro County Gazette
A tax abatement for a $200 million solar project was approved at the Navarro County Commissioners Court meeting Monday morning.
The agreement is with Pisgah Ridge Solar LLC, a developer of wind and solar projects. Pisgah Ridge Solar LLC is being developed by Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, and is one of the largest energy holding companies in the United States.
Prior to approving the tax abatement, the commissioners held a public hearing on the creation of a reinvestment zone. The reinvestment zone allows the commissioners to consider offering certain incentives, such as a tax abatement.
This tax abatement is structured with a payment in lieu of taxes (PILOT) which will require Pisgah Ridge Solar LLC to make an annual payment to the County for 10 years. The County will receive an annual PILOT payment of $131,368 which, over a 10-year period, is the equivalent of a 70 percent tax abatement.
If at any time in 10 years the solar project fails to meet all the terms of the agreement, then the county is eligible to collect all the taxes that were not paid during that time. At the end of the 10 year period, the tax abatement expires and goes on the county’s tax roll.
“The Pisgah Ridge Solar project will help expand the tax base in Navarro County and provide a steady revenue stream to the county for the next 10 years and more,” said John Boswell, Corsicana and Navarro County Economic Development Director.
The motion passed 3-1, with James Olsen, Commissioner Pct. 4, voting against.
The project is slated to come online in late 2022, with the first year of complete operation in 2023.