The city of North Little Rock is entering into a purchase power agreement with a solar power company.
Jessica Stephens, director of power supply at the North Little Rock Electric Department, led the bidding process and found the best deal for the city and customers at the rate of $0.03766 per kilowatt with Today's Power Inc.
Now, construction for a new facility can begin with a projected finish date of October 2024.
"Where we serve customers, electricity, this is located within that," Stephens said. "It will interconnect to our system so when [Today's Power Inc.] responded we had to confirm that the area of town that they proposed actually was available for interconnection for that amount of megawatts."
Mayor Terry Hartwick said the city will be the first to have all hydro, solar, coal fire and regular electric services.
"This city council is buying and involved with all types of power from the start to finish. The hydro plant pays off I think here in 2025. We have the opportunity to buy this out in six years ... It's a good thing, everybody in here has been talking about solar power ... So I'm very proud that we, this council, passed it."
The city also passed an ordinance authorizing the issuance of industrial development revenue bonds under the Municipalities and Counties Industrial Development Revenue and Bond Law to secure a glass recycling plant.
The taxable bonds in the aggregate principal amount will not exceed $60 million.
Ace Glass and Plastic Recycling, a glass and glazing company, plans to open a facility on a 17-acre site at 100 Campbell Road in North Little Rock.
The city will enter into a pair of Payment in Lieu of Taxes agreements that provide 65% ad valorem tax abatement for a period of 30 years.