Schools
Spring-Ford SD, Exelon Reach Long-Term Settlement on Limerick Generating Station Property Tax
The agreement will value the station at $20 million through 2023.
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.”
Find out what's happening in Limerick-Royersford-Spring Citywith free, real-time updates from Patch.
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.
Find out what's happening in Limerick-Royersford-Spring Citywith free, real-time updates from Patch.
The agreement also includes payments to Limerick Township and Montgomery County.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
