The City Council created LULU ISLAND ENERGY COMPANY (LIEC). This company is NE of Walmart on Odlin Road. A while back, the City transferred about $25 million in hard assets (Pumps and Pipes) to LIEC in return for paper shares. This company sells energy below the cost of BC Hydro energy and money is still being transferred to them from the City. This company needs to pay a dividend to the taxpayers on the assets received. To date, they have not. On top of that, the City staff is operating it and are Directors on the Board of LIEC!
We need to demand a net profit of about 11% be annually paid back to the City.