To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Discussion/Direction: Approval of Use of IREA Credits for Riverwalk Project
Body
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Executive Summary
At the Town Council meeting of April 4, 2017, the Town Council approved Ord. 2017-08, approving an amendment to the franchise agreement with IREA to allow the franchise credits retained by IREA to be used by the Town on certain Town-related or Town benefitted projects, including private projects. IREA has approved of this amendment to the franchise agreement, and the ordinance is now effective. As part of the incentives for the Riverwalk project, staff has recommended that the Town authorize the use of up to $350,000 in IREA franchise credits for required electrical relocation/improvement work which benefits both the private Riverwalk project and also the Town Hall and Festival Park work. Staff recommends proceeding at this time with the authorization of up to $350,000 in IREA franchise credits for this electrical relocation/improvement work.
Proposed Motion
“I move to approve the authorization of IREA franchise credits, pursuant to the amended franchise agreement between the Town and IREA, in an amount up to $350,000 for the Riverwalk relocation/improvement electrical work.”
Attachments
Attachment A: Ordinance 2017-008