Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO TEMPORARILY EXTEND THE TERM OF THE PREVIOUSLY AUTHORIZED AMENDMENT ENTER INTO A TWO-YEAR EXTENSION TO THE THIRD AMENDMENT TO THE DEVELOPMENT AGREEMENT WITH THE ALLSTATE INSURANCE COMPANY; AND DECLARING AN EMERGENCY. (As Amended 8-17-2021)
Brief Description: City Council amended this Resolution to temporarily extend the term of Allstate's current electric rate agreement for a period of ninety (90) additional days.
Body
Legislative History
Resolution No. 12-104 authorizing a development agreement with Allstate Insurance Company for 2012-2015.
Resolution No. 15-74 authorizing the extension of development agreement and establishing the current "E" rate for the Allstate Insurance Company for 2015-2017 (1st amendment).
Resolution No. 17-48 authorizing the second extension of the development agreement and establishing the current "E" rate for the Allstate Insurance Company for 2017-2019
Resolution No. 19-66 authorizing the third extension of the development agreement and establishing the current "E" rate for the Allstate Insurance Company for 2019-2021
Resolution No. 21-61 authorizing the temporary extension of the previously authorized "E" rate for the Allstate Insurance Company from July 1, 2021 to September 1, 2021
Purpose & Explanation
Based on the 2021 Rate Study analysis of the current "E" rate development agreement with the Allstate Insurance Company, Courtney & Associates have recommended that the current flat rate of 0.075 / kWh be continued for another two (2) year term. The current extension agreement expires on September 1, 2021.
Upon the close of the current term, the new "E" electric rate agreement for the Allstate Insurance Company shall remain at $0.075 per kWh with no power cost adjustment for a term of two years, after which the rate agreement will be reevaluated. This fourth extension of the agreement will commence on September 1, 2021 and expire on September 1, 2023.
Legal Authorit...
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