VERO BEACH, Fla. -- Vero Beach leaders Tuesday took a big step toward selling the city’s electric utility to Florida Power and Light.
The council voted 4-1 to sign a letter of intent to move forward with negotiations.
FPL is offering to pay $185 million for the utility. About two-thirds of that figure would allow Vero Beach to get out of two existing power agreements.
It was critical that the letter of intent be passed in order to go forward with something that will benefit the city of Vero Beach," said Vero Beach Mayor Laura Moss.
“It’s a long process to work through everything and we’re hoping to get the full purchase and sale agreement back before the council in the next few months," said FPL spokeswoman Sarah Gatewood.
The issue of whether to sell to FPL has dragged on for years.
Voters approved to move forward in 2013 and the city closed its power plant in 2015.
Supporters said the move will bring down customer electric rates. Opponents say the city rates are becoming more competitive, and that FPL’s rates will go up after the sale.
Even if a final sale is approved, it may be late 2018 before FPL assumes control.
#vero council votes 4-1 to approve non-binding letter of intent to sell electric utility to @insideFPLpic.twitter.com/ByIrKdA7t6
— Jon Shainman (@JonShainman) May 16, 2017