Pahrump Valley Times
May 21, 1999
County OKs $38 million PETT pact
TONOPAH - With no fanfare at all, the county commissioners Monday approved a new Payments Equal to Taxes (PETT) deal with the Dept. of Energy that will pay Nye $38 million over the next four years.
Under the terms of the agreement, Nye will receive $8 million in January, then payments of $10 million each of the following three years. The deal expires with the last payment in January 2003
Commissioner Cameron McRae has been handling much of the negotiations, but Les Bradshaw, who leads the county's federal facilities and natural resources, offered the brief outline. The DOE is comfortable with the agreement, he said, and if the commissioners are it is "certainly ready to be approved."
Moments later the motion to accept the deal passed 4-0. Chairman Dick Carver was absent from the afternoon's business, and the meeting was run by McRae, who is vice chairman.
The current PETT pact expires this fall with the payment of $3.8 million. Over the course of the current deal with DOE, Nye has received will over $30 million in annual payments that average about $5 million.
PETT was authorized by Congress about 10 years ago, and is designed to compensate Nye for being the only site site studied for the permanent storage of high-level nuclear waste. Yucca Mountain, located on the Nevada Test Site, is where the studies are taking place.