City Council to consider EPCOR settlement (January 18, 2022)
BULLHEAD CITY — The Bullhead City Council will hold a work session at 3:30 p.m. today followed by a regular meeting at 5:30 p.m. at 1255 Marina Blvd.
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Another major item is a possible settlement of the city’s eminent domain litigation with EPCOR Water Arizona.
A jury trial is scheduled for Jan. 24 to determine how much the city must pay for the water utilities system it acquired from EPCOR on Sept. 1, 2021.
EPCOR had consistently maintained that the value is at least $136 million, and revised that number to $155 million in light of the pending trial.
However, through private mediation, both parties reached a proposed settlement price of $100 million.
A hearing in April determined the city should pay $80 million to assume operation of the system while awaiting the outcome of the jury trial that would set the actual purchase price.
Under this settlement offer, the city would need to pay an additional $20 million to EPCOR.
Before mediation, the city had placed the value of the system at $55 million.
If a settlement isn't reached and the jury determines the purchase price to be less than $80 million, EPCOR would have to repay the difference to the city.
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Source: Mohave Valley Daily News