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Breaking News: Cal-Am agrees to sell Felton system |
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Written by Press Banner
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Friday, 30 May 2008 |
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Parties agree on $13.4 purchase price, avoid eminent-domain trial
San Lorenzo Valley Water District and California American Water Co. this afternoon announced an agreement to sell Cal-Am's Felton system to the water district.
The agreement came on the eve of a scheduled June 2 eminent-domain trial.
The district will pay $13.4 million, including $10.5 million cash and assumption of $2.9 million in debt related to bond funds used to build the Kirby Street water treatment plant.
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