(Lake Twp., OH) A pair of local tax abatements means a new solar panel plant can move forward.
The Lake Local school board may avoid putting a new money levy on the ballot anytime soon because of a tax abatement agreement approved with First Solar. The solar panel maker will pay the school district nearly 900-thousand dollars annual over the next 15 years in lieu of property taxes on a new factory at state route 795 and Tracy Road.
Lake Township trustees also approved a 15-year tax abatement at a special meeting Monday, clearing the way for construction of the $400 million plant where a thin film photovoltaic module will be made.
First Solar expects the facility will employ 500 new workers. Trustees believe those new employees would be paying sales and gas taxes, which still will benefit the local economy.