The select board in the Vermont town of Vernon has signed a contract with the owner of the closing Vermont Yankee nuclear plant that will stabilize the town's tax base through March 2015.
Vermont Public Radio reports that the deal sets the value of the plant at $280 million for the fiscal year while the current assessment is $300 million.
Officials say the agreement is good for the town because the plant will stop selling power in December, halfway through the contract.
Vernon has 2,100 residents and an annual budget of $2 million. Vernon Select board chairwoman Patti O'Donnell says taxes from Entergy pay for half of the budget.
The town is planning a public meeting on Jan. 20 to discuss budget cuts.
Copyright 2014 Associated Press. All Rights Reserved.