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Project Will Also Generate Over $85 Million in New Tax Revenue
September 22, 2021, Schenectady, N.Y. — Schenectady County leaders thanked Governor Kathy Hochul for approving the Champlain Hudson Power Express (CHPE) project that will deliver clean energy via a new transmission line in Eastern New York.
“The Governor’s approval of this new transmission line delivers a $100 million investment to Schenectady County and creates meaningful new tax base for our community,” said Anthony Jasenski, Chair of the Schenectady County Legislature.
County Legislator Gary Hughes, Chair of the Schenectady County IDA said, “This new green energy transmission line will be located along 14 miles of existing railroad track so the impact here in Schenectady County is minimal yet the financial impact is significant.”
CPHE estimates that it will invest $100 million in Schenectady County creating construction jobs and new tax base.
The Schenectady County IDA negotiated a pilot agreement that will generate more than $85 million to local taxing jurisdictions paid by the owners of the new transmission line including $4.1 million for Glenville, $4.9 million for Rotterdam, $2.6 million for Scotia, $12.8 million for the Niskayuna School District, $26.1 million for Schalmont Schools, $16.2 million for the Scotia-Glenville School District and $18.4 million for Schenectady County.
In addition, the County IDA will receive a $1 million fee that will support new economic development projects that create jobs and tax base.
Metroplex administers the County IDA as part of Schenectady County’s unified economic development team.