Maybe even triple the cost (March 22, 2016)
Since the time the Town of Apple Valley started its hostile takeover of Ranchos H2O by eminent domain, Ranchos has made considerable major improvements at a cost of multi millions of dollars, and interest rates have risen, and will undoubtedly rise even further on any debt incurred by bond funding this purchase. Add to that the increase in attorney fees, and a more accurate cost to the town for general expenses (overhead and supervision), as well as a more accurate appraisal (which in my opinion will increase the value) of the basic asset, and the cost of future court appeals by the H2O Co., should the town prevail in the first instance. The cost to
buy could easily be triple what the town is forecasting.
As was well stated in a recent letter, should the town prevail, given the probable mismanagement and poor service, late taxpayer revolt may remove the politicians and bureaucrats who got us into this mess, but the debt that was incurred will still take decades to repay.
Please, let’s stop this boondoggle, now!
Lee Bell, Apple Valley
Source: Daily Press