Florida City May Try To Buy Gainesville Biomass Plant

The Gainesville City Commission will not agree to the contract changes the biomass plant owner sought in order to ease the possible sale of the power station to another electric company. Instead, commissioners have started weighing the expected benefits and risks of the city owning the plant in advance of making a potential offer to […]

The Gainesville City Commission will not agree to the contract changes the biomass plant owner sought in order to ease the possible sale of the power station to another electric company.

Instead, commissioners have started weighing the expected benefits and risks of the city owning the plant in advance of making a potential offer to purchase the facility.

The Gainesville Renewable Energy Center notified the city in August that it was seeking tax equity investors or the outright sale of the plant and asked the city to waive its contractual right of first offer for a 120-day period in order to allow such a sale to happen.

If the city agreed and a deal went through, the company offered to reimburse the city for $1.5 million in legal fees associated with their recently concluded arbitration fight.

Citing a tight timeline to finalize a transaction, GREC President Jim Gordon sent the city a letter on Sept. 6 saying the city needed to grant the company its requests by Sept. 23 or the offer to cover legal expenses was off the table.

From The Gainesville Sun: http://www.gainesville.com/article/20130921/ARTICLES/130929910

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