DILLONVALE — The Buckeye Local School District has reached an agreement with Buckeye Power, Inc. regarding property tax valuation at the Cardinal Power Plant in Brilliant.

During Monday’s Buckeye Local Board of Education meeting, board members adopted a resolution authorizing the settlement of a March Jefferson County Board of Revision case. District Treasurer Merri Matthews explained that the previous agreement with Buckeye Power had expired, after which the county auditor increased the property’s total Tax Year 2024 value. Under the deal with Buckeye Power, the valuation was set at $16,200,437, but following the expiration, the auditor increased the total amount of the 11 parcels to $55,356,652.

“Buckeye Power wanted to lower it to more than $9.5 million,” Matthews explained, adding that the case went before the county board of revision.

According to the board resolution, the school district and Wells Township filed separate counter-complaints with the BOR. They asked for the initial complaint to be denied and that they instead retain the auditor’s current TY 2024 value for the property. District, township and Buckeye Power officials and their legal representatives discussed matters at length and ultimately agreed that the property’s circumstances and condition had not changed between tax year lien dates for 2023 and 2024, and the total TY 2023 value of $16.2 million should be carried forward.

The parties agreed that, assuming the property’s circumstances and condition do not materially change in future tax years, the figure should remain the same through TY 2028.

“The board of education finds it to be necessary, and in the best interests of the Buckeye Local School District students and community, to execute the settlement agreement, and protect valuable present and future financial resources,” the resolution concluded.

“I think it’s best to take the $16 million,” Matthews added. “It’s been functioning over the last four years.”

Following brief discussion, the board formally adopted the resolution at the session.

Officials also approved an electricity supply agreement under a plan with Ohio Mid-Eastern Regional Educational Services Agency (OME-RESA). Matthews explained that OME-RESA partnered with Titan Energy to perform a competitive bid and solicit pricing from retail electricity service providers and the school board had an opportunity to approve a deal.

“Every few years, we have Titan Energy get quotes on electric and gas and they locked the rate in at .0629 cents per kilowatt hour (kWh),” she continued.

The board approved the resolution, while the contract begins in December and continues for 48 months.