Mayor Greg Ballard signed a memorandum of understanding in March to transfer the city's utilities to Citizens Energy Group, which operates a natural gas distribution company and a district steam heating and chilled water provider in Indianapolis.
Ballard wants to use the $425 million the city would get from the transfer for infrastructure construction. Once the proposal gets all the necessary approvals, the city would receive $262.6 million payment from Citizens in two installments, plus up to an additional $50 million from the wastewater general fund that will remain with the city after the transfer.