Murfreesboro Electric Department (1)

The City Council will consider the proposed sale of Murfreesboro Electric Department at a special meeting at 5 p.m. on Thursday. FILE

The Murfreesboro City Council will hold a special meeting Thursday to listen to a presentation about the potential sale of the electric department.

The meeting will take place at 5 p.m. Thursday in the Council Chambers at City Hall.

Middle Tennessee Electric Membership Corp. is the proposed buyer.

Once the council has looked at the proposed deal, the officials will consider the sale at a later date. A public information session also will be held at a later date, the city said. 

The Murfreesboro Electric Department board of directors also will have to consider the deal. The Tennessee Valley Authority will analyze the potential impact to ratepayers and give approval.

In October, the city and MTEMC reached a nonbinding agreement to sell MED for $202 million in cash. The city would keep certain assets like MED’s building and unencumbered cash (money not designated for certain costs). Taken together, that will push the value closer to $300 million, City Manager Craig Tindall said.

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