It is not quite clear just yet what the Exelon move to close the energy plant here will mean for Everett’s finances in the future except to say that the situation is changing, and rather dramatically.
What is important to note is that Exelon, without saying it officially, has shown it has little to no interest in being sued in a city where it has been a good citizen and the largest taxpayer for 20 years.
In its own inimitable style, the energy colossus has said this
to the city: we don’t like this lawsuit; we are fed up with being
chased for more money; we are closing the plant and leaving
rather than to put up with this.
Being honest, this is a disaster of the first order for the city
and for its property tax collections.
What the city does to untangle this situation is what matters.
There is a possibility that Wynn Resorts might buy the energy
plant and make a dramatic waterfront venue out of it.
This is a possibility that would have had much more of
a chance if Steve Wynn had remained the president of the
In the meantime, the city must do damage control about
the 2022 closure of the generating plant because the nonoperational
plant will be taxed at a fraction of the $15 million
Exelon has shown its teeth. How this effects the $1 million
spent by the city for a lawsuit against Exelon yet to be decided
remains to be seen.
One thing is for certain. Cause and effect is at play here.
The city sues Exelon. Exelon announces the plant is closing.
What could be more clear than Exelon’s message to the city?