The Town's franchise agreement with Holy Cross Energy will be expiring in May 2019.  It is a 20 year agreement.  Staff has been meeting with representatives with Holy Cross to negotiate possible terms for the new franchise agreement, which should be coming to Town Council by ordinance in April.

One salient term concerns the underground of existing overhead lines.  It is largely a safety issue and an aesthetic one as well. To fund this in past years, the existing franchise agreement provides for an enhancement fund to help capitalize these underground projects.  The fund has been insufficient as the projects are very costly.  Staff is proposing an increased revenue source, derived from the franchise fee.   The enclosed memo provides details.