Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO TEMPORARILY EXTEND THE TERM OF THE PREVIOUSLY AUTHORIZED AMENDMENT TO THE DEVELOPMENT AGREEMENT WITH THE ALLSTATE INSURANCE COMPANY; AND DECLARING AN EMERGENCY.
Brief Description: The current "E" electric rate agreement with the Allstate Insurance Company expires on November 30, 2023. Staff requests Council amended the current agreement to temporarily extend the term of Allstate's current electric rate agreement for a period up to February 29, 2024.
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
Resolution No. 21-114 authorizing a two-year extension to the third amendment to the development agreement establishing the current "E" rate for the Allstate Insurance Company from December 1, 2021- November 30, 2023; passed 11/9/21
Purpose & Explanation
Staff is requesting the City Council pass this resolution temporarily extending the current "E" electric rate of $0.075/kWh with the Allstate Insurance Company for a period up to February 29, 2024.
Staff and the City's power consultant will review and assess the current Allstate Insurance rate and its impact on the HPP fund moving forward. The requested extension will also allow for three readings and thirty d...
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