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      Quincy City Council 11/30/09

      Quincy, IL -- THE QUINCY CITY COUNCIL TONIGHT APPROVED THE FORMATION OF A FOR-PROFIT CORPORATION TO HELP GET GRANT MONEY FOR THE PROPOSED HYDROPOWER PROJECT--AND TABLED FOR ONE WEEK AN ORDINANCE THAT WOULD INCREASE BUILDING PERMIT FEES IN THE CITY.

      ALDERMEN VOTED 12 TO 1 WITH ONE ABSENT TO ALLOW THE CITY TO CREATE A "C" CORPORATION, A FOR-PROFIT ENTITY THAT WOULD BE ABLE TO TAKE ADVANTAGE OF A STIMULUS PACKAGE GRANT THAT WOULD REIMBURSE 30 PERCENT OF THE COSTS OF THE QUINCY HYDRO PROJECT.

      THE ISSUE WAS FAST-TRACKED BECAUSE 5 PERCENT OF THE TOTAL PROJECT COST MUST BE SPENT BY THE END OF 2010, AND THE HYDRO PLANT MUST BE IN OPERATION BY 2013.

      BASED ON THE ESTIMATED COST OF $100-MILLION DOLLARS FOR THE QUINCY PLANT, THE CITY COULD EXPECT $30-MILLION DOLLARS IN GRANT MONEY.

      MAYOR JOHN SPRING SAID A "C" CORPORATION WOULD HAVE TO BE FORMED EVENTUALLY ANYWAY IF THE CITY DECIDED TO PARTNER WITH AN INVESTOR ON HYDRO IN THE FUTURE.

      ALDERMEN ALSO TABLED THE PROPOSED INCREASE IN RESIDENTIAL BUILDING PERMITS THAT WOULD RAISE THE FEE BY 2 CENTS PER SQUARE FOOT EACH YEAR FOR FIVE YEARS. THAT ISSUE SHOULD COME UP FOR A VOTE NEXT WEEK.

      THIRD WARD REPUBLICAN KYLE MOORE VOTED NO, SAYING HE WOULD PREFER TO WAIT UNTIL INQUIRIES ABOUT HOW THIS GRANT MONEY WOULD AFFECT OTHER GRANT FUNDING WERE ANSWERED.

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