Fiscal Note
Under the terms of this proposed agreement MG&E would provide $225,000 per year, for a total of $1,800,000 over 8 years, in support of approved "green energy" projects. In each year, $75,000 of the commitment would be paid to the City in the form of a grant, with the remainder used by MG&E for eligible activities. In 2005, the first year of the agreement, MG&E's commitment was satisfied with a $200,000 payment to the City to finance the extra cost associated with the purchase of ultra low sulfur diesel fuel used in Madison Metro transit vehicles. For the current year, no specific City projects or revenues associated with this agreement have been budgeted. Once projects have been identified, the 2006 Operating or Capital Budget could be amended to authorize additional expenditures as necessary. Projects and revenues could also be anticipated in the annual budgets in 2007 through expiration of the agreement in 2012.
Title
Authorizing the Mayor and City Clerk to execute an agreement with Madison Gas and Electric Company ("MGE") to invest $1.8 million on "green energy" projects over 8 years called the "Energy Partnership for a Green Capital City."
Body
WHEREAS, the City of Madison ("City") and MGE have strong commitments to promote and pursue energy efficiency, conservation, sustainable design, and renewable energy; and a tradition of partnership, collaboration, and joint initiatives with each other; and
WHEREAS, in 2005, the City and MGE announced a new joint initiative to potentially invest $1.8 million on "green energy" projects over eight years called the "Energy Partnership for a Green Capital City;" and
WHEREAS, MGE agrees to provide $225,000 a year, commencing in 2005 and continuing through 2012 (for a total potential investment of 1.8 million dollars) to be used for Eligible Activities pursuant to a proposed Agreement (a copy of which is attached hereto for reference), provided all the terms and conditions set forth therein are sati...
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