City’s Light Lease Officially Settled

By Scott Sarvay

  • Click to enlarge

    Mayor Tom Henry signing the City Light Lease Settlement Agreement in his office.

    (Liesl Marelli)

5 photos

October 28, 2010 Updated Oct 28, 2010 at 5:00 PM EST

FORT WAYNE, Ind. (Indiana's NewsCenter) - Indiana Michigan Power will be the exclusive electric service provider for the city of Fort Wayne.

It was announced Thursday afternoon that city officials and the utility company have come to an agreement surrounding the light lease.

Under the agreement all litigation from both parties would be dropped.

And I&M would pay the city a total of $39.2 million over the next 15 years. $5 million will come as an upfront payment.

The agreement is subject to city council and Indiana Utility Regulatory Commission approval.

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