Rudman Winchell Attorney Erik Stumpfel assists with Wind Farm Project
Hancock County has recently received it’s first $200,000 community benefit payment from the Bull Hill wind energy project, which achieved commercial operation on October 31, 2012. Rudman Winchell attorney Erik M. Stumpfel represented Hancock County in the financial negotiations with First Wind on this project.
Under the approved community benefit agreement, Hancock County will receive $200,000 per year in “community benefit” payments. This agreement will be in place for twenty years and will total four million dollars. In addition the county will retain an estimated $4.7 million of the new property taxes to be paid by the project over a 30 year period. This will occur in a TIF development program fund, for County economic development purposes through a County tax increment financing (“TIF”) district designation for the project.
First Wind will also be providing the County with a new telecommunications tower adjacent to the wind farm project site, for County emergency and other communications, at a cost of up to $125,000.
The Bull Hill Wind Farm is a 19 turbine, 34 MW wind farm project, with a $69 million projected cost.