On October 24, at the Vero Beach City Council meeting, the Purchase and Sale Agreement of the electric utility to Florida Power & Light (FPL) was signed. The transaction is scheduled to close by October 2018 with two conditions:
1) Unanimous approval from each participating member in the FMPA must be achieved
2) The bond holders must grant approval of the sale
On July 18, 2014 at a Special Called Town Council Meeting, the Indian River Shores Town Council received an update from the legal counsel hired to investigate the best recourse for the residents and the Town to achieve relief from unreasonably high electric rates.
Based on the advice received, the Town of Indian River Shores filed a civil lawsuit against the City of Vero Beach.
The lawsuit calls for a refund of excessive electric rates that have been paid by our citizens. It also calls for Vero Beach to remove its electric system infrastructure from the Town's public areas when the City's franchise expires on November 6, 2016 in order for the Town to transition to a new electric provider in an orderly fashion. Resolution 14-05 initiating intergovernmental conflict resolution proedures with the City of Vero Beach was also executed and made part of the proceedings.
On July 18, 2014, the lawsuit was filed and a letter was sent to the City of Vero Beach in which the Town notified the City of its intention to allow the franchise agreement to expire. An AMENDED complaint was filed by the Town on May 18, 2015 and a Summary written of that amended lawsuit. On July 17, 2015 the Town filed a Response to Motion to Dismiss. The SECOND Amended complaint was filed on December 1, 2015. The City filed a Response in opposition to the Town's Public Service Commission filing on January 27, 2016 and on Februrary 3, 2016, the Town Replied. The March 4, 2016 request to the PSC for Territorial Boundary Amendment is here.
Minutes from the 12-17-14 Joint Mediation with the City, County and Town are here and minutes from the 5-1-15 Joint Mediation with the City, County and Town are here.