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Tensions Flare Over Coal Dock Proceeds
By Beth Milligan
Tensions over whether Traverse City Light & Power should receive a portion of the proceeds from the city’s recent $1 million coal dock sale could threaten utility funding for future city projects.
TCL&P board members will meet Tuesday at 5:15pm at the Governmental Center to discuss the sale. The utility owned the coal dock property on West Bay Shore Drive until last November, when it transferred the land to the city in order to facilitate a $1 million sale to Rotary Charities. Rotary purchased the property from the city and reopened it as a public park called Discovery Pier, part of the Discovery Center Great Lakes campus.
TCL&P officials contend the city verbally promised them $245,000 – roughly a quarter of the sale proceeds – as part of the deal. That amount is necessary to make the utility “whole” for its cost and improvements to the property, according to TCL&P Executive Director Tim Arends.
“We basically have to write that property off our books, and right now it would show it’s a loss,” says Arends. “The utility doesn’t feel it’s necessary or appropriate to show a loss on its financial records when it was owned by us, the rate payers paid for it, and the city got a million dollars for it.” more
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