The company said that the city council would have to share the profits grossed from power purchase agreements for the two hydro projects located on the Mississippi River. It has also added that city could retain the ownership of the projects.
The projects Lock 24 and Lock 25 are located at Saverton, Missouri and Clarksville, Missouri, respectively, according to quincyjournal.com.
Coastal Hydropower representative Neil Anderson was quoted by the news agency as saying that the council needs to ink a development agreement that would let the city to secure declaratory order from Federal Energy Regulatory Commission (FERC) for the projects through a petition.
The city could generate annual revenues more than it had previously lost, added Anderson, however noting that the prices would be based on the market conditions.
Responding to the offer, Quincy Mayor Kyle Moore said that he had opposed the proposal as it would levy heavy liability on the taxpayers.
Moore further remarked that it could be a way to compensate the $5.5m lost by the city after FERC terminated the plans for hydroelectric plant at Lock and Dam 21 at Quincy.
Earlier in 2011, FERC had stated the city that it is revoking license application and the preliminary permit application for Lock and Dam 21 citing violations of municipal preference rule of the Federal Power Act.
