Friday
May132011
Breaking News - Crown Hydro LLC Out, Park Board to Seek New Joint Venture Partner - Any Future Project to Follow Standard Approval Process - Mill City Times Exclusive
Just released by the Minneapolis Park Board. Seems Crown Hydro is going to be out of the picture, and all normal approval processes, including the Citizens Advisory Committee will be followed.
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At the May 4th 2011 Board meeting the Park Commissioners decided to move consideration of the Letter of Intent to the Board’s May 18th meeting to allow for more thorough review of the terms. Since then, ongoing discussions have led to modifying the approach to the Letter of Intent. The Letter of Intent now contemplates a joint venture agreement with an entity other than Crown. As a joint venture partner, the Park Board would hold a minority interest in the hydro electric facility and retain more control over its operations.
The Letter of Intent with Crown is to provide any entity considering purchasing Crown’s interests confidence that a joint venture arrangement is workable with the Park Board. Consequently, the considerations that existed previously with the Letter of Intent have now evolved into new considerations based on the new character of a potential joint venture agreement.
If the Board approves the Letter of Intent for a joint venture, and if an entity decides to purchase Crown’s interest including its FERC license, the Park Board may then negotiate ownership arrangements with that potential joint venture partner that secures valuable credits and funding for the joint venture that were available to Crown if it were the owner. These arrangements will require the Park Board to hold interests in at least two corporate entities to meet the criteria necessary to maintain funding for the project.
As a partner, the project becomes a Park Board development, and as such, would be part of a Citizens Advisory Committee (CAC) process, and the Park Board would also be closely involved with all other agency approvals. The Letter of Intent for a joint venture follows the same structure and form as the prior Letter of Intent that was before the
Board.
Update on Friday, May 13, 2011 at 7:22PM by
David Tinjum
David Tinjum
After further investigation, major concerns remain. Can the Park Board properly evaluate a joint venture to build a power plant on the Mississippi River, in a National Historic Park, in 5 days? Can't we take 2 weeks more to give it due consideration?
Update on Tuesday, May 17, 2011 at 7:38AM by
David Tinjum
David Tinjum
Please attend the Minneapolis Park Board meeting May 18 at 5:00 PM to show your support for stopping this ill-conceived project.
Contact your elected officials and ask them to drop their support...
