FAYETTE — The Seneca County Industrial Development Agency has scheduled a public hearing on an assistance package proposed for a Fayette solar project.
NYFayette I LLC, an affiliate of Delaware River Solar of New York City, has received preliminary approval from the IDA Board of Directors for a package that includes a PILOT agreement, an exemption from paying 8% sales tax on materials, supplies and equipment, and an exemption from paying the mortgage recording fee. The proposed 15-year PILOT would save the company $1.93 million in property taxes, an estimated $476,812 in sales tax over two years, and about $32,750 in mortgage recording fees.
The company plans to lease 27 acres of vacant land from Charles and Rita Partee at 2497 Canoga Road to install ground-mounted solar panels that would generate an estimated 5 megawatts of electricity to add to the New York State Electric & Gas power grid. Delaware River Solar plans to invest $9.1 million in the project, including $4.34 million in bank financing and $4.32 million in equity. Another $516,129 would be in the form of state and federal tax credits, and New York State Energy Development and Research Agency NY Sun grant funding.
A cost-benefit analysis shows benefits of $1.55 million and costs of $2.2 million. The IDA said that results in a cost-benefit ratio of 1-to-1.
It’s not anticipated any direct jobs will be created by the project.