The Wiscasset Selectboard is announcing a tentative settlement in its real estate tax assessment dispute with Maine Yankee Atomic Power Company. Following a full-day mediation session led by Jerrol Crouter, the parties, with the assistance of their legal counsel, reached a tentative agreement valuing the Maine Yankee Independent Spent Fuel Storage Installation and its Bailey Point land at $80 million. This agreement represents a substantial increase in value compared to the previous 20-year agreement, which concluded with a final valuation of $30 million.

The Town’s appraiser had valued the property at approximately $130 million, while Maine Yankee’s appraisals totaled $2.8 million. The mediation process allowed the parties to find common ground between these extremes. Town Manager Dennis Simmons, Selectboard Chair Sarah Whitfield and board members Pamela Dunning and William Mahoney participated in the mediation in person, while board members Terry Heller and James Andretta joined via Zoom. All discussions took place in executive session.

The agreed-upon valuations will apply retroactively to the last two tax years and continue for an additional five years, through 2029. In addition to paying annual taxes based on the $80 million valuation, Maine Yankee has agreed to pay a $365,578 impact fee. This fee represents the difference between the taxes at the agreed valuation and the actual taxes assessed for 2023 and 2024.

The tentative settlement is subject to approval by both the Wiscasset Selectboard and the Maine Yankee Board of Directors. Upon finalization and signing of the settlement agreement, the owed taxes and impact fees will be promptly paid to the Town. The Wiscasset Selectboard is scheduled to review the settlement at its meeting on Oct. 15.

The Selectboard expresses its appreciation to Simmons and legal counsel Sarah McDaniel and Peter Murray for their many hours of dedicated work in reaching this agreement. Their efforts were critical in navigating the complex negotiation process and securing a favorable outcome for the Town.