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. The special committee will meet at 4:00 p.m. at City Hall in Room 218.
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. Expenditure of the funds contributed from the proceed to the City General Fund remain solely a Council decision.
Who: The Community Investment Study Group
What: The Study Group will hear a presentation from chairman Rick LaLance and discuss recommendations on best management of MED Proceeds
When: Thursday, Sept. 30, 2021 – 4:00-5:30 p.m.
Where: Murfreesboro City Hall
111 West Vine Street
On Sept. 15, 2021, Councilmember Rick LaLance presented a potential model for investing and distributing MED Proceeds to a Workshop meeting of the City Council at the Murfreesboro Municipal Airport. LaLance is Chairman of the 5-member Community Investment Study Group voting committee.
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. The City Manager, City Attorney, Financial Director, and Budget Director serve as non-voting, ex-officio members of the Study Group.
The City 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.