LAKE ERIE OFFSHORE #WIND #TURBINES: LEEDCo SHARES REVENUE WITH COUNTIES

from North American Windpower    Lake Erie Energy Development Corp (LEEDCo) is the private, nonprofit corporation spearheading the development of a Lake Erie offshore wind farm.  It signed a revenue-sharing agreement with the four regional counties, Ashtabula, Cuyahoga, Lake and Lorain, whose boundaries extend into Lake Erie.

Each of the counties will have a percentage of the income generated by the annual submerged-land lease payment.

Last year, LEEDCo secured a submerged-land lease option from the Ohio Department of Natural Resources, the regulating authority of Lake Erie’s waters.  The option designates nine square miles, seven miles offshore of downtown Cleveland.

LEEDCo will make annual payments to the state of Ohio, totaling approximately $11,000 per turbine.  The state will return half of the revenue to the Cleveland-Cuyahoga County Port Authority.  The Authority will keep 40% and evenly divide the remaining 60% among Ashtabula, Lake and Lorain Counties.

After a five-year period, LEEDCo’s allocation committee, which includes representatives from each county, will review the formula and determine future agreements.

The agreement covers only the initial pilot project scheduled for Cuyahoga County’s jurisdictional waters.

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