IGU Board announces its intent to take action on a Memorandum of Understanding with AIDEA for the Acquisition of Pentex Alaska and the Financing and Integration of FNSB Natural Gas Utilities
Fairbanks, AK – As previously announced, consistent with the goals of the Interior Energy Project (IEP) “to provide low-cost, clean-burning, natural gas to the most people in the Fairbanks North Star Borough as soon as possible”, Interior Gas Utility (IGU) and the Alaska Industrial Development and Export Authority (AIDEA) Interior Gas Utility have negotiated a Memorandum of Understanding (MOU) for the Acquisition of Pentex Natural Gas Company (Pentex), and for the financing of the integration and development of a consolidated (IGU and FNG) natural gas utility to serve the Fairbanks North Star Borough (FNSB). Tuesday, January 10th, the IGU Board will, after receiving further public comment and conducting final deliberations, conclude its consideration of the proposed MOU and take action at a Special Board Meeting commencing at 4:00 PM in the IGU offices.
The IGU Board introduced and presented an overview of the MOU with AIDEA to the public at their regularly scheduled Board meeting held on January 3rd, and took public comment on the draft MOU. Also, during the January 3rd IGU Board meeting, the IGU held elections for the Board’s 2017 Executive positions; re-electing Mr. Michael Meeks as Chairman of the Board and Mr. Jack Wilbur as Vice-Chair. Additionally, Director Pamela Throop was elected as Chair of the IGU Finance Committee, with Mr. Aaron Lojewski continuing as the IGU’s Finance Committee representative.
Since the meeting of January 3rd, the IGU has provided an additional public presentation regarding the MOU as part of its quarterly update to the FNSB Assembly, January 5th.
Prior to the IGU taking action on the MOU, the Board wishes to receive further comments and input from the community. Therefore, the public is invited to attend and participate in the IGU Board’s Special Meeting to be held on Tuesday, January 10, 2017, at 4:00 PM AST in the Board Meeting Room at the IGU office in the Key Bank Building, Suite 501, 100 Cushman St, Fairbanks, Alaska.
To view MOU, or find additional information regarding the MOU and provide feedback, please visit the IGU Website at www.interiorgas.com.