GREC and City of Gainesville Agree to Biomass Plant Purchase

The price tag will be 750 million dollars. "GREC," the current owner of the biomass plant, has agreed to the latest city of Gainesville purchase offer.

GRU's manager sent a memo today to the city commission and the utility advisory board, saying GRU also agrees to the agreement.

"We last night got the finalize asset purchase agreement after something like six iterations and...I signed it recommending it to the city commission."

The agreement is subject to the advisory board's recommendation and city commission approval. The two sides are hoping to close the deal around the beginning of September.