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Goliad County reaches settlement with Coleto Creek Power
Nov 30, 2012 | 927 views | 0 0 comments | 7 7 recommendations | email to a friend | print
GOLIAD – Goliad County Judge David Bowman announced Friday that the Goliad County Appraisal District had reached a settlement in its lawsuit with Coleto Creek Power.

According to Bowman, attorney Peter William Low, representing the Appraisal District, and representatives of Coleto Creek Power had agreed on taxable plant value of $262,922,400, which was over $65 million less than the $328,601,400 ordered by the Appraisal Review Board in June.

The total market value of the plant was negotiated at $312 million. Of that amount, $49,077,600 is tax exempt by the Texas Commission of Environmental Quality.

In September, Coleto Creek Power filed a lawsuit against the Appraisal District with the 135th Judicial Court.

On June 20, the Appraisal Review Board heard arguments from representatives of the Appraisal District and Coleto Creek Power and determined the 2012 taxable value of the plant and related properties. Coleto Creek Power’s tax consultant group, Duff and Phelps, contended the plant’s 2012 tax value was approximately $200 million.

An agreed final judgment was filed in State District Court in Goliad County on Thursday.

"It's a big relief," Bowman said., "It was big question mark that we had. Both the school and county will go back and make adjustments on their certified tax roles."

More on this story coming to mySouTex.com.

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