The proposed agreement, which would give the tribe a substantial economic boost, is for a 25-year lease that will expire in 2044, reports The Associated Press.
Available on the tribe’s website for public comment, the agreement will increase lease payments from $3m to $45m per year to the tribe.
The power plant operator Salt River Project said it sought support of the tribe before taking the lease extension to the US Department of Interior, despite the fact that original lease allows extension without approval from the tribe.
Salt River Project spokesman Scott Harelson told AP that, "It’s an agreement we think still makes economic sense for the plant and obviously also benefits the nation going forward."
Navajo Nation spokesman Erny Zah stated that more money the tribe will receive annually could be invested in finding other energy sources.
"This is probably the best deal we can muster right now," Zah added.
The Navajo Nation Council committees are likely to begin considering the legislation starting 20 February 2013.
