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Freeport Council approves $3.5M financing for Ameresco meter project despite concerns over timing and staffing
Summary
Council approved a 15-year, $3.5 million financing proposal to fund Ameresco’s advanced metering infrastructure and meter replacement project, citing projected O&M savings and guaranteed shortfall coverage; one council member dissented, citing budget and staffing concerns.
The Freeport City Council voted to accept a 15-year financing proposal from Government Capital to fund Ameresco’s advanced metering infrastructure (AMI) and meter replacement project.
Staff said the recommended option is a $3,500,000 financing package at 4.45% interest with annual payments of $337,856.32 beginning 18 months after funding. The turnkey project cost was reported as $3,480,210. Staff projected operational…
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