Saturday, January 14, 2017

Hirshfeld Energy Ready to Refund City $1.4 Million

San Angelo City Council will entertain a resolution delineating the distribution of the $1.4 million refund from Hirschfeld Energy for the failure of former joint venture Martifer-Hirschfeld to fulfill new job promises.  The city and Hirschfeld reached agreement in May 2016.

The resolution states the $1.4 million will be reduced by the cost of attorney fees, which were split evenly between the City of San Angelo and its Development Corporation.  City Council documents do not specify how much attorney's fees cost.  It will be interesting to hear if that comes out during Tuesday's meeting. 

Update 1-20-17:   Local citizen Steve Hampton asked for details on the settlement, otherwise this information would likely not have been shared. 

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