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Claremore authorities approve extension of wholesale power purchase to support multi‑sector capital plan
Summary
Trustees approved an extension to the city's wholesale power purchase and sale agreement with GRDA to enable the city to pledge future utility and sales tax revenues for a $40–$50 million-plus capital package including substations, reconductoring and sewer work.
Trustees for the Claremore Cultural Development Authority and the Claremore Public Works Authority voted on May 4 to approve an extension of the city's wholesale power purchase and sale agreement with the Grand River Dam Authority (GRDA). City staff said the extension is intended to enable the city to structure revenue notes and longer‑term pledging of utility and sales tax revenues to finance a large capital package.
Speaking to the trustees, Mr. Perry said the capital program would include a planned sixth substation, capacity increases on two existing substations, reconductoring and new metering, and non‑electric capital needs such as sanitary‑sewer lift‑station replacements. He estimated the total package would likely be “well in excess of $40 to $50 million.”
Trustees moved, seconded and approved the extension by roll call. City officials said securing the ability to buy and sell power over a longer term would improve the city's capacity to seek revenue bonds and finance the infrastructure required to support growth.
The trustees recorded unanimous support in the roll call recorded in the meeting minutes. The council and staff said the additional power procurement and substation funding is structured at the developer's and GRDA's risk where applicable; financing details will follow as projects and bond packages are refined.
