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Months after given large tax break, Athens Generating Plant sold
Tiffany Greenwaldt-Simon reports for Columbia-Greene Media that months after the Greene County Legislature extended a large tax break New Athens Generating Company, the business is petitioning New York's Public Service Commission to approve the sale of the Athens Generating Plant. Delaware-based Gate City-NE Generation LLC will become the direct owner, but the story does not say how much the plant sold for. Whatever the number, the former owners are likely to make more since Greene County gave the plant the large tax break that almost had universal opposition from the public. Former Athens legislator and town supervisor Lee Palmateer filed an Article 78 petition with state Supreme Court of Ulster County seeking nullification of the IDA’s approval of the tax break in November, and said after learning of the sale, “One of the purported reasons for financial assistance was to keep the company out of bankruptcy, and prevent them from closing their doors." Palmateer also said he was curious about a sale that came without a formal appraisal of the property. Palmateer said, “As far as I know, there’s no record of appraisal.... I was pushing all along that the appraisal should be done, and that they shouldn’t be begging for tax breaks with no appraisal. The seller is not going to sell without one, and a buyer is not going to buy without one.” Read more about this story at HudsonValley360.com.