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05/16/2017 (3)
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05/16/2017 (3)
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7/17/2017 12:18:59 PM
Creation date
7/17/2017 11:10:19 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
05/16/2017
Meeting Body
Board of County Commissioners
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FPL's offer includes benefits for the City and electric system <br />employees while protecting existing FPL customers <br />COVB Benefits <br />• Payoff of COVB electric utility bond obligations <br />• One-time cash payment of $20 million <br />- Plus pre -payment of $10 million fora 99 -year lease for the substation <br />• Franchise fee payments <br />- Likely to be approximately $1.5 million in annual revenue to COVB <br />• COVB electric utility employees and pension <br />- FPL will offer employment for the existing -65 COVB electric utility <br />employees based on their qualifications <br />- Bargaining unit integration will be addressed by the FPL labor team <br />(COVB employees are part of the Teamsters union) <br />• FPL will also pay COVB $6.6 million to fund the total pension <br />liability for the transferred employees <br />3 <br />In total, unencumbered cash benefit to the City in excess <br />of $30 million + annual franchise fees <br />FPL <br />Multiple approvals needed to close the sale - COVB City <br />Council, all FMPA member cities and regulators (FPSC & FERC) <br />Timeline For Acquisition <br />•Letter of Intent presented <br />May 16, 2017 <br />•Purchase and Sale <br />Agreement expected to <br />be executed by August <br />2017 <br />4 <br />Agreement <br />execution <br />FMPA member <br />approval <br />•Anticipated to take place <br />between May 2017 and <br />December 2017 <br />• FPSC — Anticipated 180 <br />day approval timeframe <br />• FERC — Anticipated 90 <br />day approval timeframe <br />• Expect integration into <br />FPL's system 10 take <br />approximately 8 months <br />Acquisition closing <br />•Anticipated to take place <br />on October 1, 2018 <br />Regulatory <br />approvals and start <br />of integration <br />FPL <br />2 <br />
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