BRANDYWINE – The Prince George’s County Council recently adopted two resolutions supporting agreements for Genesis Power to construct a natural gas power plant in the southern part of the county, which county officials say will bring in more than $40 million dollars in revenue and save energy. One of the resolutions supports a payment in […]
BRANDYWINE – The Prince George’s County Council recently adopted two resolutions supporting agreements for Genesis Power to construct a natural gas power plant in the southern part of the county, which county officials say will bring in more than $40 million dollars in revenue and save energy.
One of the resolutions supports a payment in lieu of taxes (PILOT) for Prince George’s County taxes and the other supports a PILOT for the Maryland-National Capital Park and Planning Commission’s taxes, according to Scott Peterson, spokesman for the county executive’s office.
“Over the next 18 years of the two PILOTs, Prince George’s county will net over $43 million in new property taxes and M-NCPPC will net almost $13 million,” Peterson said.
Peterson said the PILOT agreements are important because it will save Genesis an equivalent amount in taxes which creates a financial opportunity for the company to build the Keys Energy Center, a gas-fired, combined-cycle electric plant with enough electricity to provide power for 500,000 homes. The plant will also employ more than 400 people during construction, and 25 people during operation.
“Since taking office four years ago, my administration has been committed to growing the county’s commercial tax base and creating jobs,” County Executive Rushern Baker said. “This project significantly addresses those promises.”
At its full assessment after construction, the power plant will carry a value of approximately $627 million, Peterson said, making it the highest-valued property in Prince George’s County.
Additionally, the new power plant will help reduce the state’s need for importing electricity, Peterson said, and could help stabilize electricity rates in the long term with an increasing local supply and in-state electricity generation. According to Peterson, Maryland imports nearly 40 percent of the electricity it uses.
“This is a very important step forward for the county,” Peterson said. “It represents great progress in increasing our tax base and creating a larger revenue stream that will support county functions such as education and public safety.”
Edward Gibbs, a representative for Keys Energy, said the company appreciates the support it has received from Baker’s administration and the County Council.
“This state of the art facility will be natural gas fired and will aid significantly in reducing Maryland’s need to import electricity from outside the state,” Gibbs said.
County Council Chairman Mel Franklin said the county’s investment in the Keys Energy Center will provide long-term benefits to the county.
“The investment of Genesis Power to build Keys Energy Center in Prince George’s county, and in District 9 in particular, will be a strong boost to our county’s commercial tax base and will support investments in public education, public safety and transportation,” Franklin said.
Franklin also said Genesis Power will contribute $3 million to partially fund the Southern Area Aquatic and Recreation Complex project, a recreation facility in Brandywine planned to be built during the next two years.
Elizabeth Hewlett, chairman of the Maryland-National Capital Park and Planning Commission, said the agency is pleased to participate in the development of the plan to acquire the new energy center.
“Once constructed and operating, this facility will not only contribute an important addition to our county’s revenue base, but will also be invaluable as a direct supplier of energy to the power grid,” Hewlett said.