A total $1.2 billion dollars worth of revenue debt is at stake with the $60 million Lake facility and nine other comparable properties across the country. Covanta's debt load of $149 million is due over the next 12 months.
The plant, outside of Leesburg, FL, is Lake County's most controversial commercial venture. Elected Lake officials are suing Covanta in Lake County Circuit Court, alleging the sale of the incinerator in 1988 was illegally approved by county commissioners.
Lake pays Covanta an average $6 million a year to use the incinerator. When the 25-year contract expires in 2014, Covanta, not Lake County, will still own the plant, a fact that is infuriating Lake's current board of elected officials.
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