IBM's Quantum Facility Brings Millions to Poughkeepsie
The Town of Poughkeepsie is set to receive a significant financial boost thanks to IBM's proposed Quantum computing facility. The $54 million payment from IBM will be in addition to any potential Payment in Lieu of Taxes (PILOT) agreement, which would require the company to pay Dutchess County and the Spackenkill Union Free School District a set amount instead of annual taxes.
Town Supervisor Rebecca Edwards stated that her team negotiated with IBM for several months to reach an agreement regarding the property's valuation. The resulting deal will have IBM paying the town $1.8 million per year for 30 years, providing a clear indication of the company's commitment to partnering with the town on key projects.
The funds generated from the IBM payment will be earmarked specifically for capital projects, including the conversion of the current town hall into a new police headquarters and an addition for the town court. This move aims to provide taxpayer protection by covering costs associated with these existing plans.