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Board approves lease estoppel to keep Sandhills solar project financing on track
Summary
Waverly Utilities approved Resolution 16-25, signing a lease estoppel so Sandhills (now Southeast Municipal Iowa LLC) can continue securing financing for a planned solar array; staff said construction depends on the developer finishing financing and mobilization timelines.
The Waverly Utilities Board approved Resolution 16-25 to sign a lease estoppel enabling Sandhills Energy’s Iowa affiliate—now identified in documents as Southeast Municipal Iowa LLC—to continue securing financing for a proposed solar array on utility-leased land.
Kurt, a staff member, explained the lender had requested a lease estoppel to verify there have been no significant property changes since Waverly Utilities granted the original lease approved by the board in 2022 and the property acquisition in late 2023. “It appears Sandhills … is still…
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