The Utah County Commission meeting on August 30, 2023, focused on significant discussions regarding a bond requirement for a local development project and a resolution to recognize September as "Promise to Live Month."
During the meeting, representatives from a development company addressed the commission about the potential need for a bond related to their project. The discussion highlighted that if the company’s financials fell below $100 million in assets, a bond would be required to ensure project costs are covered. The estimated bond amount could be around $18 million, depending on the project's timeline and inflation considerations. The commission noted that the specifics of the bond, including its amount and conditions, would be determined in the future if the need arose.
Eric Debrea, the lead developer, confirmed that the company has a 20-year power purchase agreement in place, which guarantees the sale of power from the facility. This agreement was emphasized as a crucial factor in discussions about the project's viability and future decommissioning.
The commission unanimously approved the bond-related item, indicating a collaborative effort to ensure financial security for the project.
In addition to the bond discussion, the commission also addressed a resolution to officially recognize September as "Promise to Live Month" in Utah County. Minor adjustments were made to the resolution text before it was read and approved, reflecting the commission's commitment to community awareness and support initiatives.
Overall, the meeting underscored the commission's proactive approach to managing local development projects while promoting community health initiatives.