Just how much is it?
I would encourage our local daily newspapers to investigate what seems to be the core issue, that being the apparent exclusion from the city’s financial analysis of the cost of debt service on the $5.5 million bond that was approved in 2007.
Local taxpayers are entitled to know whether their tax dollars are being spent wisely, and the ultimate question is the cost to the city of the electricity that would be generated by the hydro plant versus the cost of purchasing electricity from renewable-energy providers.
It appears that the original city budget for the plant of $6.2 million has now risen to $10.5 million, and apparently that calculation excludes debt service of the $5.5 million bond, which has been represented by Tier One Capital Management LLC to raise the cost to $16 million to $18 million.
The residents of Aspen are committed to environmentally sensitive means of producing electricity; those same residents who pay the utility bills are entitled to the lowest cost option for that electricity.
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