North Kingstown had a sale for two adjacent lots totaling 200 acres which made up a sand and gravel company in November of 2019 for $17 million. The values at that time were a total of $2 million. The company, Broome Solar Land Co did have pre-permitting approval for the 50KW – DC project. However they met with myself, town manager and solicitor to discuss how they would be taxed, prior to the actual sale. No treaties or agreements were made, they felt the land should not be taxed at all….we disagreed. They are selling everything back to the grid, have a Lease and sublease agreement with Brown university/Solar 1. Solar 1 is selling the credits to Brown for a profit.
After demolition permits were pulled, I removed the buildings and other items for the gravel pit and changed the classification to Industrial Vacant..solar potential at $22,000 per acre for 140 acres and $10,000 for 50 acres for the excess land. Vision gave me those numbers and the assessment increased to $3.7 million. They did not appeal that number.
The project was completed in 2021 during a full revaluation. Vision changed the use to Solar 4500 and increased the values to $60,000 per acre under the panels and $25,000 for the excess. 2022 values are now $9.95 million.
I have already heard from their attorney regarding the new legislation which he thought was effective this year…
The company also filed a tangible return for 40KW AC and were billed the $k per kw – $200,000
I am interested in the meeting.