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Council authorizes appraisal step in electric utility feasibility study; NewGen contract amended by $100,000
Summary
Clearwater authorized an amendment to NewGen Advisors' contract to fund a formal system appraisal for the city’s electric-utility feasibility study, increasing the not‑to‑exceed amount by $100,000 to narrow valuation uncertainty before potential negotiations with Duke Energy.
The Clearwater City Council voted unanimously on Oct. 15 to amend the city’s contract with NewGen Advisors to move the electric utility feasibility study toward a formal system appraisal. The council authorized increasing the contract ceiling by $100,000 — funded from unencumbered special program revenues — to obtain income, market and fair‑market valuation approaches to the city’s electrical distribution assets.
City Attorney David Margolis (who presented the item) summarized NewGen’s feasibility findings and the key uncertainty: NewGen estimated the total acquisition cost at about $572 million, of which roughly $371 million represents the hard asset acquisition (poles, wires,…
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