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Energy Giant Pays Half of Overdue Tax to Delaware County, Pa., School District.

The Philadelphia Inquirer (Philadelphia, PA)

| March 21, 2002 | COPYRIGHT 2007 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Mar. 21--Energy giant Exelon Corp. agreed yesterday to immediately pay $2.85 million in overdue property taxes to the Ridley School District in Delaware County, ending a standoff that precipitated the worst financial crisis in the history of the 5,700-student district.

Since August, the Chicago-based parent of Peco Energy had refused to pay its $5.7 million tax bill to the Ridley schools -- 17 percent of the district's budget for the current school year -- while it appealed the $300 million assessment on its power plant in Eddystone.

In addition to the payment announced yesterday, the district and Exelon agreed that they would reach a settlement on the disputed assessment within 60 days.…

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