Approximately $8 million already committed to infrastructure.
Approximately $11 million, being voted on, to finance buildings and equipment.
New Millennium Wind Energy Co. given the first three years lease free.
New Millennium Wind Energy Co. has been given a 10 year tax abatement.
Taxpayers of the City of Newton ultimately responsible for paying off the bond.
As your city commissioner, I feel it is my duty to keep you, the citizens of the city of Newton, informed on a major issue that is being worked and voted on in the city council.
On April 3, 2012, the city council voted on the New Millennium Wind Energy Bond Issue. This bond is to finance the buildings and equipment for the New Millennium Wind Energy Company. There has already been approximately $8 million spent on the infrastructure of this “project” during the last several years. This bond issue is to finalize the project. The new bond will be approximately $11 million. The decision on this bond will have its final vote in 30 days.
The city, and the taxpayers of Newton, will be responsible for paying off the bond. I feel, at this point, we have no choice but to vote “yes” on this bond since we already have committed so much to this project. As my Dad would say, “The horse is already out of the barn.” I am bringing this to you because with more than $17 million at stake, I feel you, the public, should have had a vote, a say, on the project from the very beginning. When I was voted into office, I made it my goal to keep you informed of the big decisions that are being made without your vote.
The facts of this bond are as follows:
Thank you for your time and attention to this matter. I take being your city commissioner very seriously and want to keep you informed of the issues at hand.
— Glen Davis, Newton city commissioner