"We need some stability so we can continue to offer low prices," he said at the informational meeting on Monday, July 25.
Resident Bob Ryan asked whether the imminent closure of the City of Albany landfill might bring waste to Colonie. Cunningham could not give a definite answer and said that all he knows is the lifespan of the landfill.
"The City of Albany landfill has about a 7-year permitted life left to it," he said. "How it is operated after that point, there are different ideas floating around, but it's a question I can't answer."
It was confirmed, though, that the company will not be taking waste from major cities such as New York City, as per an agreement with the town. Mittelstaedt said that while there is nothing wrong with accepting waste from those areas, the town wanted to make sure there would be air space would serve as "an asset for the Town of Colonie and surrounding communities."
Waste Connections, Inc., is considered to be the third largest solid waste company in the United States, according to Mittelstaedt. It mainly focuses on suburban areas and the average population of the municipalities it generally serves is 80,000 people. It currently operates 44 landfills, 57 waste transfer stations and 39 recycling facilities.
The company has $3 billion in assets, $1.2 million line of credit and $5 billion in enterprise. Mittelstaedt said this was important for the public to know because of the many variables that can occur in the solid waste industry. Being as large as it is, he said a company such as Waste Connections, Inc., would be able to "shoulder the brunt of it."
The company also has Standards and Poor's invest grade credit rating of BBB, which is the highest in the industry, said Mittelstaedt, which he said allows the company to have access to enough capital to operate the landfill.