Town, company reach agreement value of dam after long-running dispute

Government And Institutions Associated Press

After several years of disagreeing, a Vermont town and energy giant TransCanada have reached an agreement on the value of a hydroelectric dam: $30.5 million.

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The company had appealed an "increase in property taxes" on the dam, and on others in Rockingham and in the Northeast Kingdom.

The state and the town had appraised the Vernon dam at nearly $40 million; TransCanada said it was worth just under $21 million.

The Brattleboro Reformer reports (http://bit.ly/1bI41RH) the agreement was approved unanimously Monday night by the Vernon Selectboard.

The settlement in the long-running dispute says the town will not be liable for any excess taxes already paid by TransCanada. While pursuing its appeal for the past three years, the company had been paying taxes based on the town's higher assessment.

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Information from: Brattleboro Reformer, http://www.reformer.com/