County Likely to get Duke Nuclear Power Plant

The Gaffney Ledger (SC)

October 5, 2005; Front Page

By LARRY HILLIARD, Ledger Staff Writer larry@gaffneyledger.com

It’s probably an understatement to say the construction of a nuclear power plant would provide a much-needed boost to Cherokee County’s economy.

The plant would generate about $8.5 million in annual tax revenue and create 800 to 1,000 full-time jobs once it becomes operational. It would cost between $4 billion and $6 billion to build.

A source familiar with the project said that economic shot in the arm is likely to happen after Cherokee County Council overwhelmingly approved an inducement agreement with a major tax incentive for Duke Power at its meeting Monday.

“If Cherokee County did the incentive, I was told it’s pretty much a done deal,” the source said.

Duke Power district manager David White was more tight-lipped during his appearance before council. According to White, Cherokee County is among four or five sites under consideration by Duke Power. Two of the sites are located in North Carolina, including one which is already owned by Duke Power.

Duke Power is expected to choose a site by the end of the year.

“As most of you know, Duke Power needs additional generation to meet its needs,” White told council. “Probably we will look at coal (electrical generating plants), then in 2015 look at nuclear.”

The tax break which is mandated by state law — provides for a 4 percent fee-in-lieu and a substantial infrastructure improvement credit for Duke Power.

“This brings us in line with the North Carolina sites,” said Cherokee County Development Board director Jim Inman.

Inman added that he’s “cautiously optimistic” about the county’s chances of landing the nuclear plant.

“We think we have a good site,” he said.

Duke Power thought it had a binding agreement to buy its former 2,000-acre nuclear plant site in the McKowns Mountain area. But Southern Power bought the property in July for $15.5 million from Mark V Land and Chen Development, two Georgia limited liability corporations.

Duke has filed suit, claiming it had a binding contract with Mark V Land and Chen Development.

White said he couldn’t comment on the lawsuit.

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Information from: The Gaffney Ledger (SC)

 

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