All 19 FMPA cities approve Vero Beach transaction

City consents help clear the way for Vero’s exit from FMPA projects

 NEWS RELEASE

Florida Municipal Power Agency (FMPA) announced today that the required 19 cities have all approved the necessary agreement to release the city of Vero Beach from FMPA’s power projects, enabling Vero Beach to move forward with the sale of its electric utility. The final city vote occurred Monday night.

Now that the individual cities have all approved, the final approval required by FMPA’s Board of Directors and Executive Committee is scheduled for March 15.

“Vero Beach clearly wants to sell its electric utility, so FMPA sees it as our job—as a member-owned organization—to help facilitate that effort,” said Jacob Williams, FMPA’s general manager and CEO. “Our members chose to resolve this matter in a way that meets the needs of all parties, and after a year-long effort, we’re close to completing our part to allow Vero Beach to exit FMPA’s projects.”

Since the plan was announced last February, FMPA’s senior staff have visited all 19 member cities at least twice to meet with local elected officials and make presentations prior to city votes.

As part of the approval process, FMPA also secured necessary approvals from its bond trustee, credit rating agencies, other financial stakeholders and the primary owner-operators of the generating units.

One comment

  1. This is a really good move. We could have sold just the Indian River Shores portion and netted $43million but we instead sold all of the electric and netted $30million. That will allow the property taxes to be raised sooner and higher than ever. It’s like selling the house and four acres of land for less than the house with one acre of land. Bankruptcy can’t be far off.

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