EL PASO, Texas (KFOX14) — City officials said Tuesday that they have reached an agreement with The Infrastructure Investments Fund owned by JP Morgan regarding the $4.3 billion sale of El Paso Electric.

The city negotiated terms or term changes, some of which were wording in the agreement.

The original wording stated the headquarters would remain in El Paso for 10 years. Now it states the headquarters would remain in El Paso for as long as IIF owns the company, which could be more or less.

The terms before said that employment would be guaranteed for five years, now it states IIF can handle employment how it wants if IIF does end up buying El Paso Electric.

The term stated that of the 10 board members, two must be from within the service area.

City Representative Peter Svarzbein requested the discussion to continue to provide renewal and solar energy. Nothing was confirmed but IIF agreed to talk about how to move forward.

City officials and IIF officials said they will have community meetings to discuss this settlement agreement with constituents.

IIF must hold a minimum of two community meetings. One meeting must take place the week of the hearing with the Public Utilities Commission in Austin.

The hearing in Austin to discuss this settlement agreement is set to happen on Jan. 7-8.

The deadline for an agreement is Feb. 9.