4.3. ERMUSR 10-11-2016 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: Elk River Municipal Utilities Commission Mike O'Neill—Technical Services Superintendent John Dietz—Chair Al Nadeau—Vice Chair Daryl Thompson—Trustee MEETING DATE: AGENDA ITEM NUMBER: October 11th 2016 4.3 SUBJECT: Sale of Security Accounts and Security Alarm Inventory BACKGROUND: On August 22, 2016 the Elk River Municipal Utilities Commission and approved through resolution the sale of ERMU security system sales and installation department to Wright Hennepin (WH) Security. DISCUSSION: On September 30, 2016, Elk River Municipal Utilities closed on the sale of the security business line with WH Security for a purchase price of$347,251.96. Attached is a picture of the leadership team from ERMU and WH that was taken at the closing. This transaction was a win-win for the ERMU security customers as they were already serviced in part by WH Security. The transition was seamless and our former customers will be well served by WH Security. With this sale, ERMU has been able to establish a relationship with WH that otherwise may not have taken place. While the sale of the security business line is one door closing at ERMU, it opens doors to other possibilities with WH that can last a long time. ACTION: Staff requests the Commission receive the executed Bill of Sale, Assignment& Assumption Agreement and Sellers and Buyers Agreement of Purchase Price. ATTACHMENTS: • Executed Bill of Sale, Assignment&Assumption Agreement • Sellers and Buyers Agreement of Purchase Price Payable at Closing • Wright Hennepin Security Customer Letter dated October 3, 2016 • Picture—ERMU and WH Leadership Team at Security Business Line Closing POWERED BY Page 1 of 1 NATURE Reliable Public Power Provider P 0 w£a E D To S r P V e 122