About The Project
Based in the Midwest, Invenergy is America’s leading, privately held sustainable energy solutions provider. Situated in Northern Madison County near existing energy infrastructure, Invenergy’s Lone Oak Solar Energy Center will generate more than just clean, renewable energy.
Invenergy is actively working with local government and property owners in the area to bring its expertise in renewable development to Madison County.
$160 Million total in economic benefit to Madison County
$100 million direct investment in Madison County once the project is built
$58 million invested in local economy over the life of the project
$24.2 million in new property tax revenues for Madison County; supporting local schools, libraries and critical county services
150 full-time construction jobs & two full-time operations jobs
Proposed $1 million payment to Madison County for local economic development and other County initiatives
$14 million paid to Frankton-Lapel Community Schools ($400,000 annually)
Lone Oak will remove emissions equivalent to 1.3 million cars over its lifetime.
Lone Oak solar farm is a temporary use. The land will be returned to agricultural use at the end of the project life.
The Case for Lone Oak Tax Abatement:
Property taxes are one of the operating costs that significantly affect the cost of energy
Tax Abatements have been granted numerous times within Madison County, the State of Indiana, and throughout the Midwest
Tax abatement is a common economic development tool used by governments to attract investment and not unique to Lone Oak
Many projects, including all large-scale operating solar and wind projects in Indiana, received tax abatements
Wildcat Wind Farm, in northern Madison County, received approval in 2011 of the same tax abatement schedule requested by Lone Oak, as did the IMPA solar park north of Anderson on Madison Avenue
Lone Oak Tax Abatement Details:
Standard 10-year tax phase-in. Taxes gradually introduced at a rate of 10% each year.
Current real property taxes paid by participating landowners will continue to be made and distributed to the taxing districts (underlying real estate cannot be abated)
Lone Oak is only eligible for the tax abatement once $100 million minimum investment is made
No public money involved or utilized
$4,000,000 in property taxes paid during the ten-year phase-in period
A proposed Economic Development Agreement payment of $7,083 per MW ($850,000 if the project is 120 MW) after the project is operational
Total taxes paid on utility and distributable property over 35 years - $26.4 Million. This is in addition to property taxes on underlying real estate.
An opportunity to turn a loss of taxable value into a gain across all 5 taxing districts represented in the project: Frankton-Lapel School Corp, Alexandria School Corp, Pipe Creek Township, Monroe Township, Madison County
No draw on County services like roads, schools, sewer, water, etc.