On July 11, Escanaba City Council approved the asset purchase agreement that the city and Escanaba Green Energy agreed to. The company plans to convert the power plant to biomass.
The sale price is 1.5 million dollars.
Electric Superintendent, Mike Furmanski, says there are approximately 20 employees who work at the plant and will stay there.
Work is now being done to get all the necessary documents and the purchase price into an escrow account by the end of this month.
Officials are hoping the sale will be final by the middle or end of September. From there the plant will be transferred from the city to Escanaba Green Energy.
??We've known for quite a few years here, when the price of coal shot up,?? explains Furmanski, ??there were better, cheaper options available to us for our power needs and to sell to our customers."
Furmanski says the final agreement approval is the best-case scenario for the power plant and the area.