The $3.5 million owed by Falmouth to the Massachusetts Water Resource Authority (MWRA) for the wind turbine debt will be a $3.5 million windfall for Massachusetts.
The original $5 million loan was actually an ARRA [America Recovery and Reinvestment Act] grant. The MWRA was somehow selected to administer the grant to Falmouth for the wind turbine, and the MWRA turned it into a payback obligation should the blades not spin.
Congress subsequently voted (refer Federal Register) to relieve any payback obligation.
Therefore, when and if Falmouth pays back the $3.5 million, it will be a $3.5 million windfall for the Commonwealth of Massachusetts.
How sweet a $3.5 million deal is this?
I might add, the $5 million ARRA funds stimulated both the Dutch and the Canadian economies, as the wind turbine was purchased from Vestas and was delivered by French Canadians.
J. Malcolm Donald
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