Ordinance #12,150

AN ORDINANCE AUTHORIZING MAYOR FRIDAY ELLIS TO ENTER INTO A PURCHASE OPTION AGREEMENT WITH SILICON RANCH CORPORATION FOR 306.3 ACRES OF PROPERTY LOCATED ON MILLHAVEN ROAD AND FURTHER PROVIDING WITH RESPECT THERETO

WHEREAS, the City of Monroe is the owner of certain real property located on Milhaven Road in Ouachita Parish, Louisiana, commonly referred to as Killoden Plantation, and more particularly described in the attached Purchase Option Agreement (“Agreement”); and

WHEREAS, Silicon Ranch Corporation (“Silicon Ranch”) is interested in developing, constructing, installing, and operating a solar electric generating system on the 306.3 acres of property owned by the City of Monroe for the production and distribution of electricity; and

WHEREAS, the City of Monroe desires to grant Silicon Ranch an option to purchase the property so that Silicon Ranch may negotiate a purchase power agreement (a “PPA”) for the electricity to be generated as outlined above and in the attached Agreement and secure financing to develop the project.

WHEREAS, an appraisal report was prepared by Robbie McBroom with Delta Appraisals, which is attached.

NOW, THEREFORE BE IT FURTHER ORDAINED by the City Council of the City of Monroe that Mayor Friday Ellis is hereby authorized to enter into the attached Purchase Option Agreement with Silicon Ranch Corporation as per the terms and conditions set forth in the Agreement and authorized to execute any necessary documents related to the Agreement.

This ordinance was INTRODUCED on the 14th day of February 2023.

NOTICE PUBLISHED on the  17th & 24th  day of  February, 2023 and March 3, 2023.

This Ordinance having been submitted in writing, introduced, and published was then submitted to a final vote as a whole, the vote thereon being as follows:

AYES: Harvey, Ezernack, Woods,  Marshall & Dawson

NAYS: None.

ABSENT: None.

And the Ordinance was declared ADOPTED on the 14th day of  March, 2023.