Harfordbusiness.com--Soon to be home to the world's largest fuel cell park, Beacon Falls town officials voted last week to approve a tax stabilization deal with the park's developer.
Beacon Falls Energy Park LLC, a subsidiary of Torrington's O&G Industries, said the deal provides it with certainty on the amount of taxes it will pay to the town, allowing it to submit a more competitive bid for a multi-state renewable energy request-for-proposals. The RFP includes Connecticut, Rhode Island and Massachusetts. The deal will also help facilitate financing, the developer said.
The 23-year deal will mean nearly $50 million in taxes for the town of Beacon Falls. That makes the 63.3-megawatt park the town's largest taxpayer.
Construction is slated to begin this year and conclude in 2019.