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EDA holds off on notice to BlockMetrics; will reassess power agreement in September
Summary
EDA staff reported the amended power purchase draft between Brainerd Public Utilities and BlockMetrics is being finalized and recommended not sending a 30‑day default notice; board opted to wait until September to reassess unless the agreement remains unsigned by August 1.
The Brainerd EDA discussed the status of an amended purchase and development agreement between Brainerd Public Utilities and BlockMetrics and decided June 5 not to send a 30‑day default notice while the revised agreement is under legal review.
Staff told the board the originally executed agreement’s commencement deadline (April 1, 2025) passed without performance; however, the public utilities commission and city attorneys are working on an amended power agreement. James said the amended contract is near completion and staff have been in contact with BlockMetrics.
Staff recommended allowing the parties to finalize the amended agreement and returning the matter to the EDA for review at the Sept. 4 meeting; staff also offered the option of directing a 30‑day notice in early August if the contract remained unexecuted.
Board members favored waiting to see whether the public utilities commission and BlockMetrics finalize the necessary changes before taking enforcement action.
