VERO BEACH — Florida Power & Light Co.'s $185 million purchase of the Vero Beach electric system is a done deal.

The transaction — more than a decade in the making — was finalized Monday with a 10 a.m. signing ceremony in City Hall as more than 50 onlookers cheered.

"It almost brings tears to my eyes," said former Indian River Shores Councilman Gerry Weick, who started advocating for the sale about 12 years ago. He — as with other current and former officials from the Vero Beach, Indian River Shores and Indian River County — wanted to see the signing. "It was a long, hard battle."

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FPL President Eric Silagy received a standing ovation from the crowd as he promised FPL would bring improvements to the electric grid and lower rates.

"The benefits of this transaction — for the customers, for the county — is tremendous," Silagy said. FPL rates should save the average residential customer $20-$30 a month; business customers could save hundreds, if not thousands, he said.

"That's real money. That makes a difference in people's lives," Silagy said. "That can be reinvested in the economy that can help grow this area and make it even more attractive for others to come down and locate. I think the opportunities are tremendous."

After the document was signed, the crowd continued waiting, as if for celebratory fireworks or a band to commemorate the event.

Mayor Harry Howle told the crowd to pinch themselves to maker sure the day many had long awaited had arrived.

"It's a true miracle that we are here finally today," he said. "I can't believe this day has finally come."

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Speakers noted the roller coaster effects of the sale over the years, when it almost resembled a light bulb turning on and off again as the sale encountered obstacles such as contracts with the Florida Municipal Power Agency, the Orlando Utilities Commission and the state Public Service Commission.

"On this monumental day in the history of the city of Vero Beach, I want to note that the new light that shines on our city as a result of the unprecedented deal will lead us into the next 100 years stronger, happier and healthier," Howle said.

The actual changeover to FPL service happened with little fanfare, just after midnight Sunday. It ended years of concentrated effort to get the city out of the electric business.

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After the PSC gave its final approval earlier this month, FPL and city officials scrambled to close the deal. Much of the transition work had been done weeks and months earlier in anticipation of an Oct. 1 closing.

"It is truly a wonderful day," Silagy said. "Yes, the sun is out and it's nice and cool. The lights are on."