PARK BOARD VOTES TO NOT EXECUTE CROWN HYDRO’S LOI
One of the highlights of last night’s Park Board meeting, which attracted a larger than usual audience, was the Crown Hydro issue. At the meeting, Crown Hydro representatives addressed the commissioners and submitted a letter stating that Crown Hydro could not accept the Park Board’s final draft of Crown Hydro’s Letter of Intent for an agreement with the Park Board (for a joint venture with a third party for control of the St. Anthony Falls’ hydroelectric project). Because the terms in the modified LOI were unacceptable to Crown Hydro, Crown Hydro withdrew their request.
Subsequently, the Park Board voted to “not execute the proposed letter of intent based on Crown Hydro’s rejection of the proposed terms of the Letter of Intent.”
The Letter of Intent had been the subject of intense negotiations by the Park Board and Crown Hydro over the last two months and was modified more than once.
One of the major final revisions by the Park Board of Crown Hydro’s Letter of Intent was that the Letter of Intent would be non-binding on the Park Board.
It was interesting to note that the Letter of Intent had stated that the Park Board would be a minority partner, but it was not until the May 18 meeting that it was mentioned that the Park Board would own only 15 to 20% of the partnership.
The vote was six ayes and three abstentions. Voting for the substitute resolution were Commissioners Brad Bourn, John Erwin, Anita Tabb, Scott Vreeland, Liz Wielinski and Annie Young. Voting to abstain were Bob Fine, Carol Kummer and Jon Olson.
Co-Founder of Park Watch