Title:
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Permanent Water Rights Purchase from Lounsbury/JPMorgan Chase
Recommended Action:
It is recommended that the Board of Directors of the Hesperia Water District 1) authorize the purchase of 181 acre-feet of permanent Base Annual Production water rights in the Alto Subarea from Carolyn Lounsbury and JPMorgan Chase BK, National Association Co on behalf of Bank of America for $4,200 per acre-foot; 2) authorize the lease of 145 acre-feet carryover rights for $276 per acre-foot, for a combined total amount of $800,220; and 3) authorize the City Manager to execute all documents related to the purchase and lease transactions.
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