"YESTERDAY ALL MY TROUBLES SEEMED..."
Spent a little time at city hall this morning. Wasn't there long. I viewed the contract that the city had entered into with AMP-OHIO and sorry to say it appears to be as I expected it to be.
Maybe the city hasn't been notified yet but soon they will receive the bad news.
This project we are "participants" in only states we own a measure of electricity.
As far as I can tell we don't even own a port-a-potty.
The contract states that even if a super majority of the participants want to cancel the project AMP-OHIO is entitled to be compensated for money they have spent. At this time they claim to have spent 200 million dollars and Painesvilles share of this would be close to 3.3 million. What has AMP spent on the "power-span" technology, I have no idea, what and who else have they [AMP-OHIO] contracted for services?
Now you can say well AMP-OHIO didn't deliver so why would we be obligated? Thats the reason you don't involve yourself with a "take or pay" contract.
AMP-OHIO would probably like to tell the participants forget about it, but then you have to ask who is AMP-OHIO obligated to for the 200 million dollars and I will bet that bank would not look kindly on a default of this proportion.
Everyone will talk about rolling this into something new, but the simple fact is the City of Painesville has spent over 3 million dollars and has not even a "D" cell battery to show for it.
As Foghorn Leghorn would say... "now boy thats whai I call "Fiscally Responsible".
I PRAY,PLEASE SOMEONE OUT THERE PROVE ME WRONG! Wake me up from this nightmare.