HomeMy Public PortalAbout005-2011 - Valuing land to be leased to Life CyclBOARD OF DIRECTORS OF RICHMOND POWER & LIGHT
RESOLUTION NO. 5 -2011
A RESOLUTION OF THE BOARD OF DIRECTORS OF
RICHMOND POWER & LIGHT REQUESTING COMMON
COUNCIL OF THE CITY OF RICHMOND, INDIANA
APPOINT APPRAISORS TO APPRAISE THE VALUE OF
RICHMOND POWER & LIGHT LAND AND BUILDINGS TO
BE LEASED FOR RDF PROJECT
WHEREAS, the City of Richmond, Indiana owns and operates its own electric
utility, Richmond Power & Light Company (hereinafter "RP &L "), under the supervision
and control of the Board of Directors (hereinafter "Board ") of RP &L, under I.C. § 8 -1.5-
3 -4; and
WHEREAS, Common Council of the City of Richmond, Indiana (the "Council "),
is the legislative body for RP &L; and
WHEREAS, under I.C. § 8- 1.5 -2 -4 et seq., a municipal legislative body may
determine to sell or otherwise dispose of nonsurplus municipally owned utility property;
and
WHEREAS, RP &L owns certain vacant ground and buildings associated
equipment on which Whitewater Valley Turbine #1 and Whitewater Valley Turbine #2
and their associated infrastructure are located, which constitute nonsurplus property (the
"Leased Property "); and
WHEREAS, potential future regulations and market conditions may adversely
impact RP &L's ability to cost - effectively operate its turbines as coal -fired generators for
the City's customers; and
WHEREAS, the Board, Council and RP &L are evaluating leasing or otherwise
transferring the Turbine Generating Assets and the Leased Property to an entity that
constructs a refuse- derived fuel ( "RDF ") gasification facility that would power the
Turbine Generating Assets; and
WHEREAS, the Board wishes Council to appoint three appraisers to appraise the
value of the Leased Property.
NOW THEREFORE, BE IT RESOLVED that the Board of Directors for Richmond Power
& Light requests Common Council of the City of Richmond, Indiana, to appoint three (3)
appraisers who have the requisite education, technical knowledge and skill to make a
proper appraisal and valuation of the Leased Property as set forth in I.C. §§ 8- 1.5 -2 -4 and
-5, are disinterested persons and are not residents or taxpayers of the municipality.
IT IS FURTHER RESOLVED that the Board of Directors of Richmond Power & Light
requests Council to require that the appraisers shall agree on a single report to be
provided to the Council establishing a single value for the Leased Property using
appraisal methods consistent with industry practice.
IT IS FURTHER RESOLVED that the Board of Directors of Richmond Power & Light
that it requests Council to take all necessary action to insure that all requirements of
Indiana Code are met in the appointment of three appraisers for the appraisal and
valuation of the Leased Property.
Passed and Adopted this _ 15 th _ day of August, 2011, by the Board of Directors of
Richmond Power & Light.
BOARD OF DIRECTORS OF
RICHMOND POWER & LIGHT
S/S Bruce Wissel
Attest:
Bruce Wissel, Chairman
RPL Board
S/S J. Clayton Miller
J. Clayton Miller, Vice - Chairman
RPL Board
S/S Jack Elstro
Jack Elstro, Member
.S/S Kelley Cruse- Nicholson
Kelley Cruse- Nicholson, Member
S/S Bing Welch
Bing Welch, Member
S/S Larry Parker
Larry Parker, Member
S/S Diana Pappin
Diana Pappin, Member
S/S Phil Quinn
Phil Quinn, Member
S/S Bob Goodwin
Bob Goodwin, Member
S/S Karen Chasteen
Karen Chasteen, Recording Secretary