When the proposed Wildcat Wind Farm goes on the property tax rolls in Tipton County in 2013, property owners throughout the county will realize a savings.
Matt Eckerle, with financial consultant Umbaugh & Associates, estimated residential property owners will see a savings of between $4.87 and $62.83 on an annual basis, depending on the assessed value of the home.
Homes with an assessed value of $50,000 will see a savings of $4.87 per year in Cicero and Jefferson townships and $9.63 in Wildcat Township. For homes with an assessed value of $150,000 the savings range from $31.79 in Cicero and Jefferson townships to a high of $62.83 in Wildcat Township.
Eckerle said tax savings on one acre of farm ground range from 73 cents in Cicero and Jefferson townships to a high of $1.45 in Wildcat Township. The savings for a business with an assessed value of $100,000 range from $48.70 to $96.30.
Andy Melka, project manager for E.On Climate & Renewables, the developer of the Wildcat Wind Farm, said the company will locate between 87 and 125 wind turbines in Tipton County as part of Phase I, which will produce 200 megawatts of electricity.
That is enough electricity to power 45,000 homes for a year, he said.
The project involves 15,000 acres and will include an additional 22,000 acres for future phases in Howard, Tipton, Grant and Madison counties.
Melka said the company will file for permits with the Tipton County Plan Commission in July with public hearings taking place in August.
He said E.On has finalized an agreement to provide American Electric Power with 50 percent of the electricity produced.
Last month, the Tipton County Commissioners approved two agreements with E.On, one concerning upgrades and condition to county roads during and after construction and a second regarding economic development.
E.On will pay Tipton County $1.2 million over four years, which will be placed in a separate fund for future economic development projects.
Rick Hall, with the law firm of Barnes & Thornberg, said the county commissioners will determine how the funds are used, but the county council has to approve the funding.
“This is part of the good will of the company through the agreement with the county,” Hall said. “All three counties involved — Grant, Tipton and Madison counties — have signed similar agreements.”
Hall said a requested 10-year tax abatement for E.On has been approved by Grant County. He said Madison County has passed preliminary approval of the tax abatement.
The Tipton County Council gave preliminary approval last Tuesday and will consider final approval on June 21.