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SCHENECTADY, N.Y. -- General Electric is going to be in the Capital Region for at least another decade as the Schenectady County Legislature, the Town of Rotterdam and Schalmont Central School enter into a ten year agreement with the company.

According to the Schenectady County Legislature, the agreement settles pending tax litigation and sets up a plan for local property taxes. Over the next ten years, GE will make a $49 million payment in lieu of taxes to the town, county and school district.

Also under the agreement, GE's property was reassessed, and pending litigation over taxes were settled.

This agreement begins in 2013. GE will pay a $4.8 million lump sum per year for the first five years of the agreement and a lump sum payment of $5 million for the last five years after that.

GE is known as one of the area's largest employers.