(MURFREESBORO) Studies continue to determine the best way to invest the proceeds from the sale of Murfreesboro Electric Department. In fact, the Community Investment Study Group will meet at 4:00 o’clock Wednesday afternoon, May 12, 2021, at the Murfreesboro Airport, 1930 Memorial Boulevard.
As you know, Murfreesboro sold its electric distribution system operations and assets to Middle Tennessee Electric Membership Corporation (MTEMC) for $245 million with $43 million paid at closing and annual installments of $17,290,134 paid over a 15-year period with interest totaling nearly $302.4 million.
The purpose of the temporary committee is to develop recommendations to the Murfreesboro City Council on the structure and processes for management of the proceeds received from the sale in the “best long-term interests of citizens.” Expenditure of the funds in the future will remain solely a Council decision.
Members of the Community Investment Study Group include:
- Murfreesboro Councilman Rick LaLance is Chairman of the 5-member voting
- Bob Mifflin, former executive director of Christy-Houston Foundation
- Amy Farrar, Murfreesboro attorney
- Eric Meriwether, financial advisor, Northwest Mutual
- Andy Womack, State Farm insurance agent
In addition, the Murfreesboro city manager, city attorney, financial director, and budget director shall serve as non-voting, ex-officio members of the Study Group.