The Hancock County Commissioners have come to an agreement on future tax revenue with the developers of a solar farm project near Arcadia.
The commissioners unanimously approved a Payment in Lieu of Taxes (PILOT) arrangement for the Border Basin solar project.
Tim Mayle, director of Findlay-Hancock County Economic Development, says the agreement will generate $1 million annually for local school districts, townships and the county.
A PILOT is defined as ‘a payment made to compensate a government for some or all of the property tax revenue lost due to tax exempt ownership or use of real property’.
Both Mayle and Ben Metcalf, director of project development for Gatehead Development, were on with WFIN’s Chris Oaks to discuss the project and explain how a PILOT arrangement works.
The project site comprises approximately 1,000 acres spanning both the Arcadia and Van Buren school districts.
Metcalf said he understands the community has concerns about what it will look like, if it will be noisy and if it will pose any dangers to their family.
He said they’ve held public information meetings and will continue to engage the public and be available to address concerns.
Metcalf said their goal is to begin construction by late 2022 and to begin commercial operations by late 2023.