FORT WAYNE, Ind. (Indiana's NewsCenter) - Fort Wayne Mayor Tom Henry's Administration revealed more details of the city light lease settlement agreement with Indiana-Michigan Power.
$1.16 million in city money was spent on legal fees and other expenses before I&M agreed last month to pay the city $39.2 million over 15 years for Fort Wayne's electricity infrastructure.
The two sides squabbled publicly during the negotiations, but the city doesn't apologize for driving a hard bargain.
Tim Haffner with the Fort Wayne Corporate Counsel says, “If I were a ratepayer or a citizen, I would be disappointed if this was resolved in a smoke filled room in an afternoon. It was too important of an asset for that, and it deserved the kind of careful attention and evaluation that it got."
The agreement will be submitted to city council on Tuesday.
It needs the approval of council and the Indiana Utility Regulatory Commission before it takes effect.
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