There is an item on the Tuesday, February 4, 2020 city council agenda that would formalize an agreement between the company buying the electric company and the city.
In it the new company agrees to pay $100 million dollars at the rate of $5 million per year for 20 years to the city for economic development.
They also agree to pay $750 thousand a year for 10 years directly into the city’s general fund.
According to documents filed with the Texas public utilities commission the new electric company will not be able to recover the $100 million dollars through their electric rates.
How can that be?
If somehow the electric company can pay this without a rate increase, wouldn’t we rather have a rate decrease instead of giving the money to the city?
This is a tax.
We deserve better