Chugach’s acquisition of ML&P continues moving ahead. The Chugach Board of Directors authorized CEO, Lee Thibert, to sign the Asset Purchase Agreement and associated documents when certain conditions are met. At its Oct. 24 meeting, the Chugach board unanimously passed a resolution which included a provision that the CEO report back to the board at its Nov. 28 meeting, confirming all conditions have been met as outlined in the resolution.
The board’s action follows a worksession in September with the Anchorage Assembly when the term sheet for the sale was released along with draft language for the Assembly ordinance authorizing the sale of substantially all the assets of ML&P to Chugach. The sale was approved by voters in the Apr. 3, 2018 municipal election.
Representatives of the Municipality of Anchorage, Chugach, and ML&P have been meeting regularly since the election, working on the final details of the sale. The Chugach Board has spent months carefully reviewing all materials, information, and data from Chugach management and consultants, and the board believes the sale is in the best interest of Chugach and all residents/businesses in Anchorage.
The Anchorage Assembly has scheduled three worksessions on the sale: Nov. 2, 15, and 30. The first public hearing is Nov. 7, with a final Assembly vote expected on Dec. 4. The www.poweranchorage.com website has the calendar of events and all public documents associated with the sale.