April 26 Board Meeting - Overview of Action Items
With spring upon us, MRC and Fiberight Prepare for Construction Season
With final permits in place for the facility in Hampden, the MRC and Fiberight are moving quickly to close on financing, start construction, and have the facility ready to accept MSW deliveries by April 1, 2018.
For its part, MRC is busy at work on a number of final adjustments needed to complete its project development responsibilities and to account for the final project scale and economics. The MRC Board of Directors plans to address most, if not all, of the outstanding items at its regular quarterly meeting scheduled for 10:00 AM on April 26 in Orono. Member feedback is welcome and encouraged.
MRC has 102,500 committed tons of MSW from Joining Members rather than the originally anticipated 150,000 tons, due to a higher number of communities making other post-2018 disposal arrangements. This reduction in tonnage and increased number of Departing Members results in a lower reserve balance than originally anticipated and will require the MRC Board of Directors to consider reallocation of some reserve funds to ensure Joining Members are protected from risk to the maximum extent possible. Furthermore, changes to the proposed rebate structure are necessary to ensure that rebate revenue potential is preserved.
Thus, items anticipated for MRC Board consideration at its April 26 meeting include (a) the reallocation of reserves (as allowed under the terms of the Joinder Agreements); and (b) the language, formula and parameters of the proposed rebate calculation (Exhibit F of the Master Waste Supply Agreement). In addition, language in the MRC and Fiberight agreements related to sharing the liability for costs of unacceptable waste deliveries and potential invalidation of flow control ordinances are being refined to be consistent with specific conditions for closing the financing.
More detail about these proposed changes will accompany next week's mailing to members of the April 26 meeting notice and agenda. The MRC will post a memorandum addressing proposed changes on our website (
). You will receive an email notice with a copy of the memo as soon as it is available.
Other items the MRC Board will consider on April 26 in an effort to complete the MRC portion of site development responsibilities are: (a) exercise of the option to close on the purchase of the Hampden parcel; (b) release funds for Phase II of the road and utility improvements; (c) enter into the Phase II construction agreement; (d) enter into an agreement with the Town of Hampden to support the Cold Brook Road development route and (e) enter into an agreement with the Hampden Water District for water line extension and system reliability improvements.
The MRC Board is sending this email to provide advance notice of these pending discussions and decisions and to initiate information sharing to support member community comments and input. Comments in advance of the meeting are always encouraged. Joining Members will be provided an opportunity to be heard at the April 26 meeting prior to any action taken.