SPSA to Consider Company's Buyout Bid

Southeaster Public Service Authority (SPSA) voted to review and consider a New York company's proposal to purchase the agency for $243 million, according to the Tidewater News.

The board is also considering a proposal from ReEnergy Holdings.

SPSA has become a sorespot for many area residents who are not happy with fees, services, suspected tipping fees and deals made with past board members. Homeowners need to join the conversation about the potential sale of the agency, especially to an out-of-state company, to ensure their rights are protected.

"The Board of Directors of the Southeastern Public Service Authority voted unanimously Wednesday to review and consider a New York company's proposal to purchase all of the garbage agencys assets for $243 million.

The board also agreed to post the proposal of ReEnergy Holdings LLC online and to receive public comments and competitive bids for the next 45 days.

'We are very pleased that the board has voted to post our proposal,' said Larry Richardson, the principal and executive officer for ReEnergy. 'This allows us to address all of the questions that were posed by the board and also in the comment letters that were submitted' by member localities.

Wednesday's vote stipulated, however, that the move not be misconstrued as an attempt to derail a competing offer for the authority's waste-to-energy incinerator and facilities in Portsmouth."

Read the full story.

Posted on Thursday, October 8, 2009 - 3:32pm