The City of Fishers plans to buy the assets of HSE Utilities, within the municipal area of Fishers, has been approved by the Fishers Board of Works and Public Safety.  The next stop for the transaction will come when the City Council considers the issuance of sewer revenue bonds to finance the purchase.

City Attorney Chris Greisl told the board money generated by the sewer operation will to be sole source of funds to pay the sewer bonds.  He also said there will be no rate increase to finance this purchase by the city – both city and current HSE Utilities customers will continue to pay their current rate once the purchase is complete.

There were two valuations done on HSE Utilities assets, each using different systems.  Both valued the assets at more than $90 million, the announced purchase price the city is to pay for the HSE assets within Fishers.  However, Greisl also says that price could fluctuate before the closing, but if so, should be in the city’s favor.

For example, there is a cash reserve held by HSE Utilities and a group of Noblesville customers that will be brought back to HSE as part of the deal.  According to Greisl, those adjustments lower the purchase price to $88.5 million.

As a utility regulated by the Indiana Utility Regulatory Commission (IURC), HSE has filed its intention to sell the assets to Fishers, and the city has filed paperwork with the IURC in support of the sale.

Greisl expects a state hearing on the sale sometime in the fall of this year.

For more details, you can view the entire video recording of the Board of Works meeting at this link.

In one other action by the board, Pinnacle Indoor Sports was awarded a professional services contract to consult on the planned Fishers community center currently under development.  The contract is worth an estimated $190,000, but Mayor Scott Fadness said this is a month-to-month pact that can be terminated if either side wishes to do so.