MURFREESBORO, Tenn. — The Community Investment Study Group will meet Thursday, Sept. 30, 2021, to hear a presentation from chairman Rick LaLance and continue developing recommendations on best management of proceeds resulting from the City’s sale of its Electric Department operations. LaLance was chosen as the chairman of the 5-member Community Investment Study Group voting committee.
You may recall, the City of Murfreesboro sold its Murfreesboro Electric, which included all operations and assets to Middle Tennessee Electric Membership Corporation (MTEMC) for $245 million. The merger officially took place mid-morning on July 1, 2020 with $43 million being paid at closing with the agreement to pay annual installments of just over $17-million over the next 15-years with interest totaling nearly $302.4-million.
The special committee was formed to recommend to City Council a structure and processes for management of the proceeds that will serve the long-term interests of citizens.
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Looking back, the City Council selected four members of the community to serve on the committee: Bob Mifflin, former executive director of Christy-Houston Foundation; Amy Farrar, Murfreesboro attorney; Eric Meriwether, financial advisor, Northwest Mutual; and Andy Womack, State Farm insurance agent. In addition to the committee, the City Manager, City Attorney, Financial Director, and Budget Director serve as non-voting, ex-officio members of the Study Group.
The expenditure of the funds contributed from the proceeds to the City General Fund remain solely a City Council decision.
Again, the upcoming meeting / presentation will be on Thursday, Sept. 30, 2021 between 4:00 and 5:30 PM in the Murfreesboro City Hall (Room 218) at 111 West Vine Street.
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