By Gary Ogle
gogle@wbcowqel.com
The Galion Finance Committee will meet Thursday and on the agenda will be the subject of costs incurred by Galion for an American Municipal Power Project. This project is not the oft-criticized Prairie State coal-burning plant in Illinois in which the city invested, but another AMP project in Meigs County.
Galion also invested in the Meigs County project through AMP and according to a letter received by Finance Committee chair Andy Daniels, the city has a financial liability for what are termed stranded or sunk costs of $1.1 million. The letter from AMP vice-president Andrew Blair indicates the total amount for sunk costs has the potential to reach $113 million that will be shared by the project investors.
Blair indicates in the letter that AMP is pursuing actions in an effort to lessen the liability on the part of the project participants.
The Finance Committee meeting begins at 7 p.m. Thursday in Council Chambers.