A company that specializes in buying and upgrading older hydroelectric dams is betting the FERC license will be forthcoming. Cube Hydro, of Bethesda, Maryland, has announced it will purchase four hydro dams on the Yadkin River from Alcoa.
Price tag is unstated, but is rumored to be in excess of $500 million. That is way above the 'present value' tax valuation of the dams, lakes and riverbed at the tax offices of four Piedmont counties. So some of the counties affected by the transaction will see a spike in tax collections in this fiscal year, once the purchase price is recorded. The present value had been suppressed due to the lack of relicensing, but no longer!
Congrats to Rowan, Davidson, Stanly and Montgomery Counties! Although the job impact is negligible, there will be lots more 'free money' flowing into your government coffers now. And in the counties where Alcoa was challenging the present use value? They can hang it up, and open their checkbooks!