(Host) The town of Rockingham closed a deal on Tuesday to buy a major hydroelectric dam in Bellows Falls on the Connecticut River. Under the agreement, two Canadian companies will lease the dam and pay the town $3 million a year to use the 49-megawatt facility.
Richard Saudek is the town’s attorney. He says the lease payments will lock in a relatively high income from the dam.
(Saudek) “The idea is to stabilize the rent that substitutes for tax revenues so that the citizens of the town can be assured of that income coming in from that facility.”
(Host) The $72 million the Canadian companies agreed to pay for the dam will be held in escrow until state and federal regulators approve the deal.