TOAV submits offer to buy AVRWC (June 26, 2015)
APPLE VALLEY — The town today sent a letter offering just compensation for the purchase of Apple Valley Ranchos Water Co.
The town is offering $50.3 million for the local water provider. Its interest in exploring the purchase was sparked by the company’s application to the California Public Utilities Commission early last year to seek three years of rate increases amounting to 31.55 percent.
We believe — and the community has strongly supported us — that water is a public asset and should be controlled by the community, not subject to corporate greed, Town Manager Frank Robinson said in a statement.
A condition of the offer is that it be accepted within 30 days and the Town Council adopt a resolution of necessity authorizing eminent domain proceedings.
Comments from the water company are expected soon.
Source: Gary Brodeur, Daily Press