Pilgrim nuclear plant rainy day fund established
Town Manager proposes setting aside funds in anticipation of plant closure
Though the town is expected to announce the signing of a new PILOT (payment in lieu of taxes) agreement with Entergy – the owners of the Pilgrim Nuclear Power Plant – in the next few weeks, town officials are not waiting to begin to plan for the eventual closure of the facility.
For the first time since the plant began operating – and paying the town millions for the privilege – the town has decided to put some of that money away, to build a rainy day fund that would help to lessen the impact of the plant’s dropping valuation and, eventual closure.
The fiscal year 2014 budget will set aside $1 million dollars and, according to Town Manager Melissa Arrighi, the plan is to make a substantial allocation annually, depending on the towns economic status.