MURFREESBORO, Tenn. — The Murfreesboro Community Investment Trust Committee on Contributions will meet on Tuesday, February 28, 2023. The meeting will be in the Municipal Airport Business Center at 4:00 P.M. (meeting in the Community Room at 1930 Memorial Blvd).
The City Council, under the authority of an amended City Charter, created the Committee on Contributions approving Ordinance 23-0-06 on Feb. 2, 2023, within the Community Investment Trust structure. The Committee on Contributions will provide funding recommendations of charitable Strategic Partners to the Community Investment Trust Board of Trustees which conducted its initial meeting, Jan. 24, 2023.
The Board of Trustees has authority under the City Charter for managing the proceeds received from the sale of the City’s electric distribution system in the “best long-term interests of citizens.” Expenditure of the funds remain solely a City Council decision.
The City sold its electric distribution system operations and assets to Middle Tennessee Electric Membership Corporation (MTEMC) for $245 million with $43 million paid at closing and annual installments of $17,290,134 paid over a 15-year period with interest totaling nearly $302.4 million.
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