Date: July 14, 2011
Source: News Room
Waste Connections (Folsom, CA) is offering to buy an Albany, NY area landfill in a deal worth up to $100 million. Under its proposal, yet to be approved by the Town Board, Waste Connections is proposing to run the Town of Colonie's landfill over a 25-year period. The town would receive an immediate $23 million signing payment, another $2.3 million annually for the first five years, and $1.1 million annually for the remaining 20 years. The move has strategic importance to Waste Connections which recently purchased County Waste and Recycling, one of the largest independent haulers in the region. The landfill would allow the company to internalize those volumes and give it a potentially significant amount of capacity in an area of the country that lacks landfill space and sees an increasing volume of its waste shipped elsewhere. As part of the deal and further tying there fortunes together, the town will also receive a "permit modification payment" of between $2 million and $10.8 million depending upon how much the Department of Environmental Conservation (DEC) allows the landfill to expand, (possibly up to 9.8 million cubic yards). The town also gets a $6 per ton premium for waste collected in excess of 170,500 tons annually.