Press release from the City of Fort Wayne:
Final Open House for public on City Light Lease Settlement Agreement tonight
(Nov. 15, 2010) – Tonight the City of Fort Wayne and Indiana Michigan Power (I&M) will host the last of three open-house style public meetings to answer questions about the City Light Lease Settlement agreement announced on October 28. The agreement resolves issues surrounding the conclusion of the 35-year-old City Light Lease and is subject to approval by Fort Wayne City Council and the Indiana Utility Regulatory Commission (IURC).
City and I&M officials will be at the meeting to answer questions one-on-one from the public. The open-house style meeting will also have informational handouts. Details are below:
Date: Monday, Nov. 15
Time: 6:30 p.m. to 7:30 p.m.
Location: Northeast Indiana Innovation Center, 3211 Stellhorn Road, Fort Wayne, Indiana
The agreement, if approved, would end ongoing disputes and litigation between the City and I&M and confirms I&M as the exclusive electric service provider for Fort Wayne customers. Currently, a lawsuit over the matter is pending in Allen County Superior Court.
Under terms of the agreement, I&M would pay the City a total of $39.2 million over 15 years, with $5 million of that coming as an upfront payment. In exchange, the City relinquishes all claims to serve as the electricity supplier in the Fort Wayne area and transfers the remaining City Light property to I&M.
More information about the City Light Lease Settlement can be found on the City’s website at www.cityoffortwayne.org/light-lease-settlement.html.