County can't trust wind developer
Record Searchlight|David Wilson|March 29, 2009
So after all back and forth over the last two years about whether the wind turbines should be built on Hatchet Mountain, we hear in the Inter Mountain News that the developers are not returning calls and the project may be "delayed" due to financing problems. ...The county should make them post at least a $10 million bond to insure that if a similar financial failure strikes, guaranteed funds will be available to remove these massive turbines and restore Hatchet Mountain to its former beauty.
So after all back and forth over the last two years about whether the wind turbines should be built on Hatchet Mountain, we hear in the Inter Mountain News that the developers are not returning calls and the project may be "delayed" due to financing problems. ...The county should make them post at least a $10 million bond to insure that if a similar financial failure strikes, guaranteed funds will be available to remove these massive turbines and restore Hatchet Mountain to its former beauty.
So after all back and forth over the last two years about whether the wind turbines should be built on Hatchet Mountain, we hear in the Inter Mountain News that the developers are not returning calls and the project may be "delayed" due to financing problems. A watchdog group in Burney (Save Burney Skyline) has been trying to point out to the county that the parent company in this endeavor, Babcock & Brown, a huge Australian financial conglomerate, is on shaky financial ground. This became official this week when it became bankrupt. The permit to build the turbines has a built-in, one-year extension, with the good possibility someone else will buy the development rights and the project may go forward next year.
Although there are many …
... more [truncated due to possible copyright]So after all back and forth over the last two years about whether the wind turbines should be built on Hatchet Mountain, we hear in the Inter Mountain News that the developers are not returning calls and the project may be "delayed" due to financing problems. A watchdog group in Burney (Save Burney Skyline) has been trying to point out to the county that the parent company in this endeavor, Babcock & Brown, a huge Australian financial conglomerate, is on shaky financial ground. This became official this week when it became bankrupt. The permit to build the turbines has a built-in, one-year extension, with the good possibility someone else will buy the development rights and the project may go forward next year.
Although there are many reasons why this project as proposed is not a good one, this latest snag underlines why the county, as a minimal due diligence condition for any new developer, should make them post at least a $10 million bond to insure that if a similar financial failure strikes the new company, guaranteed funds will be available to remove these massive turbines and restore Hatchet Mountain to its former beauty.
This makes only more sense given the current financial climate. Could you imagine that these 440-foot structures get built, the next developer goes belly up, and they just walk away? The county approved this project because it is desperate for the tax revenue. If it fails without a restoration bond, it will become the next biggest drain on the county's financial resources.
We need to hold accountable the employees and elected officials of the county who approved this project should the worst-case scenario become reality.