Nearly 30 people, including aldermen, residents and Grimsby Power staff, attended the meeting at Grimsby Town Hall on Aug. 13. The meeting was hosted by FORTISOntario, which is the private company looking to purchase 10 per cent of Grimsby Power, and the Niagara Power Inc. board. Questions included a variety of issues, including finances, reliability of service and more.

Resident Vern Geminiuc said he understands the potential positives of the deal, which would include about $1 million in cash and a new state-of-the-art customer information billing system, but questioned how much Niagara Power Inc. will spend on its due dilligence during the 45-day letter of intent process.

Mayor Bob Bentley said they will be on the hook for legal costs, which he estimates could be as much as $100,000 when compared to other companies that have undergone similar deals.

"We believe the largest part now will be our legal costs," Mayor Bentley said. "If it costs us $100,000 or $70,000 it's something we have to do regardless."

Resident Tony Evans asked what function FORTISOntario will serve -- just a technology aspect or the poles and wires portion of the hydro business.

"We have a full complement," said FORTISOntario CEO Bill Daley, adding they are a full-service utility.

One resident asked about the benefits of the deal for FORTIS.

"Grimsby is a profitable utility," said Mr. Daley, noting FORTIS will see a 10 per cent portion of the profit.

Specifically pressed for how much money would be in it for FORTIS, Mr. Daley said it's too difficult to say -- especially with all of the regulations as to how much utilities are able to make.

"It all depends on how profitable the business is," he said, adding FORTIS is committed to the long-term opportunities. "If you're committed for the long-term, the profits are there."

Asked about where the $1 million cash would go, Mayor Bentley said it would be up to the Niagara Power board to determine.

"There are a number of opportunities that could be explored," he said, specifically suggesting capital works or providing funds to the shareholder -- the Town of Grimsby -- are two options.

Resident Marie Solvason asked how much the two utilities will save by completing the deal within the transfer tax exemption period.

FORTIS vice-president of corporate services and general counsel Scott Hawkes said Niagara Power, since it is selling, would be on the hook for roughly $350,000.

Victor Laba asked if at any time FORTIS would be able to purchase more than 10 per cent of Grimsby Power.

Mayor Bentley explained currently regulations dictate private utilities can purchase only up to 10 per cent of a public utility, or 100 per cent. He noted in the future the town could look at selling the utility outright, but FORTIS would have right of first refusal. Mayor Bentley suggested that if such a decision was made, it likely would include public input - possibly even a referendum-style question.

"I don't see the benefit of that, though, in the near future," he said.

Resident Ken Morrison said the utility is "better off to pick a partner you want to go with" now. He warned some other utilities sold too quickly and that Grimsby residents are actually saving on their rates compared to some of the big utilities, such as Hydro One.

Mayor Bentley said FORTIS was selected after careful review and consideration. Other potential partners over the past few years could have included Pen West Utilities, Niagara Falls, Niagara-on-the-Lake and Horizon Utilities, but they were "not a good fit".

The mayor noted the sale could actually lead to further decreases in Grimsby Power's portion of the hydro bill due to further efficiencies.

Niagara Power will continue to do its due dilligence regarding the letter of the intent and will make a decision prior to the key date of October 17, when the transfer tax exemption ends.

"By September we should be making a decision to move forward or not," said Mayor Bentley.