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A sweet deal
Credit: The Falmouth Enterprise | www.capenews.net ~~
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Translate: FROM English | TO English
The $3.5 million owed by Falmouth to the Massachusetts Water Resource Authority (MWRA) for the wind turbine debt will be a $3.5 million windfall for Massachusetts.
The original $5 million loan was actually an ARRA [America Recovery and Reinvestment Act] grant. The MWRA was somehow selected to administer the grant to Falmouth for the wind turbine, and the MWRA turned it into a payback obligation should the blades not spin.
Congress subsequently voted (refer Federal Register) to relieve any payback obligation.
Therefore, when and if Falmouth pays back the $3.5 million, it will be a $3.5 million windfall for the Commonwealth of Massachusetts.
How sweet a $3.5 million deal is this?
I might add, the $5 million ARRA funds stimulated both the Dutch and the Canadian economies, as the wind turbine was purchased from Vestas and was delivered by French Canadians.
J. Malcolm Donald
Ambleside Drive
West Falmouth
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