The Spring-Ford Area School District and Exelon Generation
Company reached a settlement on Exelon’s payment of property taxes for the
Limerick Generating Station, according to the district.
As the largest taxpayer in the district, Exelon will remain at the fixed $20 million value from 2014 through 2023; taxes on the property will adjust based on the changing millage rate each year.
“We are very pleased with the new terms of the settlement,” Superintendent David Goodin said. “We appreciate all parties’ willingness to come to an agreement that was fair.”
Each year, Exelon will also contribute between $1.65 and $1.75 million to the district over the next seven years.
This is the first time a long-tem deal that has been agreed to by both parties since the early 2000’s. The current deal was agreed upon in 2008 and will expire at the end of this year.
The agreement also includes payments to Limerick Township and Montgomery County.