Fayette has the geographical location, the land and the water needed for industrial growth.
There’s one other key component to consider—electrical rates—and that has some people worried.
“For our economic development, it’s critical to have competitive electrical rates,” village administrator Tom Spiess told council members at the June 28 meeting.
FirstEnergy (Toledo Edison) recently sent notices to residential customers about a rate increase, however, other changes would result in an overall decrease in monthly rates.
Spiess isn’t sure what’s ahead for commercial customers, although he’s heard talk of price fluctuations.
Because rates are so much cheaper in nearby areas served by other electrical providers, Spiess is worried that any adjustments from FirstEnergy that would not lower commercial and industrial rates could drive existing business out of town.