A new five-year deal between the city and Midwest Fiber would set several new guidelines for how many tons of recyclables can be collected and how to handle the built-in costs of collection. The proposed deal was presented to the city council Monday night.
The Herald & Review has the details:
Under the terms of the agreement, the city would be required to pay based on the market rate of the materials, minus the processing costs. If that number is negative, then the city pays, but if it is positive, then the city can earn extra money, Assistant City Manager Billy Tyus said.
Those cash amounts are capped under the agreement, with the maximum amount the city could spend being $15 per ton, capped at a maximum of 325 tons per month. Conversely, if the recycling market recovers and the value of materials increases, the city can earn up to $10 per ton.