File #: 17-087    Version: 1 Name: Permanent Water Rights Purchase
Type: Resolution Status: Consent Calendar
File created: 3/2/2017 In control: Water District
On agenda: 3/7/2017 Final action:
Title: 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.
Sponsors: Michael Blay
Attachments: 1. SR Water Rights Purchase 3-7-2017, 2. Attachment 1 - Draft Water Rights Purchase Agreement

Title 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.