News release from the City of Fort Wayne:
City and Aqua Indiana purchase agreement in place
Agreement to be introduced at City Council on Tuesday(April 17, 2014) – The City of Fort Wayne and Aqua Indiana have reached a final agreement for the City to purchase Aqua’s water utility in southwest Fort Wayne and resolve the dispute over the purchase price of Aqua’s former north system.
The agreement needs approval from Fort Wayne City Council and the Indiana Utility Regulatory Commission. Aqua America’s Board of Directors has approved the agreement.
Two ordinances, one for the purchase of Aqua and the other for a bond to finance the purchase, will be introduced to Fort Wayne City Council on Tuesday, April 22. It’s anticipated a public hearing and discussion of the ordinances will occur on Tuesday, May 6. A final vote for approval would be possible on Tuesday, May 13.
“I applaud the efforts of my City team and Aqua for coming together to meet the needs of residents and businesses in our community as we invest in the future. Since taking office in 2008, I’ve been committed to finding a solution to the water situation in southwest Fort Wayne,” said Mayor Tom Henry. “A commitment to reliable and high quality water at an affordable price for all residents is critical as we position ourselves as a leader in quality of life, economic development, and job growth.”
Last July, led by Mayor Henry, the City and Aqua announced as part of a letter of intent that the City will pay Aqua an additional $50.1 million to the $16.9 million paid to Aqua by the City in 2008 (for a total cost of $67 million) for the completion of the sale of all of Aqua’s drinking water facilities located in and near Allen County. Current Fort Wayne City Utilities customers will not see increased water rates as a result of the transaction.
The transition to City water would take place in three phases beginning in the October-November timeframe.
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