Jessup could receive $1 million annually from a large scale power plant project, according to a reworked deal with the developer.
Terms of the revised community host agreement, which were presented to borough council at a work session Thursday, say the borough would have sole discretion of the funds, and payments from plant developer Invenergy LLC would increase by 10 percent every decade.
Invenergy, which is proposing to build the 1,500-megawatt, natural-gas-fired power plant in Jessup, had originally proposed around $500,000 for a host agreement to be divided among the borough, emergency services, community groups and the Valley View School District.
The announcement arrives as council considers whether to grant the company a conditional use permit. During this time, the borough can set reasonable demands that the company must meet, and borough solicitor Richard Fanucci said council can include the host agreement as one of them.
“They violate it or don’t honor it, we could pull their permit,” he said.
Jessup would not receive the $1 million until the plant is complete, but provisions say Invenergy will pay $250,000 each year during construction, with at least two years of payments guaranteed.
“Invenergy prides itself on being a good neighbor,” said company attorney Michael Blazer. “We are fully committed to Jessup, and the agreement tonight is a demonstration of that.”
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