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Trenton council approves Verigee design‑build agreement and $10.5 million tax‑exempt lease proposal to finance citywide energy upgrades
Summary
The City Council unanimously approved a design‑build performance agreement with Verigee LLC and accepted a $10,500,000 tax‑exempt lease purchase financing proposal from Bank of America to fund solar and energy‑efficiency upgrades at multiple municipal facilities.
The Trenton City Council unanimously approved a design‑build performance agreement with Verigee LLC and accepted a tax‑exempt lease purchase financing proposal of $10,500,000 from Bank of America to fund solar and energy‑efficiency upgrades at city buildings.
The agreement covers energy performance and solar installations and design‑build improvements at the Kennedy Recreation Center, Westfield Community Center, Veterans Memorial Library and the wastewater treatment plant. The council’s action also authorized pursuing a tax‑exempt lease purchase with Bank of America; the bank’s proposal included a financing amount of $10,500,000 at an interest rate of 4.173 percent.
City officials said the contract was reviewed by the city attorney, bond counsel and the city’s insurance provider. The performance agreement is structured to allow phased implementation, includes provisions for financing support and risk mitigation, and contains an energy‑savings guarantee from Verigee intended to cover annual lease payments. During the presentation, parks and recreation director Tim Beaker described the project’s benefits as long‑term reductions in utility and operational costs, upgrades to critical building infrastructure, and alignment with the city’s sustainability goals.
The council was told the city could pay the project out of savings but that the lease purchase would provide the upfront funds, which would be repaid from realized energy‑savings. Council members moved and supported the measures; both motions passed unanimously.
A representative of Verigee LLC offered public comment after the vote, thanking council and city staff for their work on the project and noting the internal team that worked with the company. "I just want to assure you each that we'll do a great job for the city," the Verigee representative said, and singled out City Manager Dean Creech, Director of Recreation Tim Beaker, Finance Director Jill Cooper and Julie Willison for their roles.
The council’s approvals allow staff to finalize contract and financing documentation and proceed to implementation steps required by the agreement. No timeline for construction or an implementation start date was specified during the meeting.
