Title
Resolution authorizing execution of the Zion Power Station Agreement with Exelon Generation Company, LLC.
Staff Summary
* Exelon Generation Company is currently undergoing comprehensive decommissioning of the Zion Nuclear Power Station, referred to as the Station Parcel.
* The Station Parcel has been a subject of controversy and future litigation.
* Electricity is no longer being generated and as a result, the site has suffered and continues to suffer significant and continuing erosion of value.
* An agreement to ameliorate the impact of the increasingly diminished value of the site has been reached by the Parties.
* Each impacted taxing jurisdiction will need to approve this agreement.
* After execution, the agreement is required to be submitted, reviewed and approved by the Nineteenth Judicial Circuit before the agreement can become effective.
...Body
RESOLUTION
WHEREAS, Exelon Generation Company, LLC ("Exelon") owns real property located within Lake County, Illinois, the permanent index real estate tax number of which is 04-23-100-006 (the "Station Parcel"). The Station Parcel is the site of the Zion Nuclear Power Station, which is now undergoing comprehensive decommissioning; and
WHEREAS, a real estate tax assessment was placed on the Station Parcel for the tax year 2014; and
WHEREAS, the 2014 real estate tax assessment, including the classification and valuation of the independent spent fuel storage installation, consisting of a large unitary concrete pad on which 65 individual over packs and canisters containing spent nuclear materials are stored, and a small security building, installed on the Station Parcel is the subject of controversy and future litigation with Exelon; and
WHEREAS, Exelon is no longer generating electricity for sale at the Zion Nuclear Power Station, and will not resume generating electricity at the Zion Nuclear Power Station. As a result, the Station Parcel has suffered and continues to suffer a si...
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