What is the Shoreham Tax Settlement Agreement?
The Settlement Agreement is the formal agreement among LIPA, Suffolk County, Brookhaven Town, the Shoreham/Wading River School District and other Suffolk taxing jurisdictions and Nassau County under which LIPA agreed to reduce the obligation by over half to $620 million, and that Suffolk ratepayers would pay the settlement through a surcharge on their bills beginning June 1, 2003. The Surcharge will be approximately 2.8% per year and will last for approximately 26.5 years.
