Following last week’s announcement by the Florida Municipal Power Agency that it is now proposing a price at which Vero Beach can exit the
joint action agency and sell its utility to Florida Power & Light, Vero Beach City Councilman Richard Winger wrote City Manager Jim O’Connor urging the City to begin renewed negotiations with FPL.
“Selling the entire utility is what we must do,” Winger wrote, adding, “Full speed ahead!”
Winger is calling on the Utilities and Finance Commissions to move quickly to review and asses the FMPA’s tentative offer of $108 million.
“It would look like the number can now work,” Winger wrote, citing the structure of the original purchase an sale agreement. He pointed out that some of the value in the original deal was assigned to costs FPL would have to have paid to upgrade transmission lines and to decommission the power plant. Because the City has already taken on those costs, Winger suggested FPL’s cash offer can now be higher, thus helping the City to afford to exit the FMPA.