Cortlandt launches separate town fund to offset Indian Point tax revenues

With Indian Point Energy Center set to close by 2021, its host town, Cortlandt, will set aside some money to prepare for the tax hit.

Cortland Town Supervisor Linda D. Puglisi said that the town board approved a plan to place $100,000 each year into a separate reserve account to prepare for the plant’s closure in four years. The town will start saving the money this year and use funds from an annual fund balance or surplus, according to Puglisi’s notice.

Related: Westchester bracing for impact

Cortlandt will lose $900,000 per year in revenue without Indian Point, according to the town. That’s about 2 percent of its budget. Even harder hit will be the tax revenue for the village of Buchanan, where Indian Point is located. Buchanan is set to lose $3.5 million per year, a little less than half its annual budget. The Hendrick Hudson School District, meanwhile, could lose $23 million per year, about one-third of its annual budget.

Puglisi, Hendrick Hudson Superintendent Joseph Hochreiter and Buchanan Mayor Theresa Knickerbocker are part of a task force convened by Gov. Andrew M. Cuomo that will examine and plan for the impact of Indian Point’s closing.