After 24 months of owning and operating the water utility which serves our community, the City of White Rock and EPCOR have agreed on a final purchase price of $13.4 million.
The City acquired the water utility on October 30, 2015. At that time, the City made an advance payment of $14 million to EPCOR White Rock Water Inc. This was an advance payment, and did not represent the final purchase price, only an approximation.
“Negotiating the final purchase price for the water utility took a lot longer than White Rock Council wanted, but we also had the best interest of White Rock taxpayers in mind,” said Wayne Baldwin, Mayor of the City of White Rock. “Even though we were in negotiations over the past two years, as owners, we have taken many steps to improve the infrastructure and water quality as we worked towards securing a final purchase price that was lower than the original advance payment,” Mayor Baldwin went on to say.
White Rock Council resolved to release documents which related to the acquisition and negotiation when a final purchase price was reached. The documents were only withheld because they had the potential to jeopardize the City’s position in the negotiation. As seen in the business case, which is attached in full, the City had valued the water system assets at $15 million, and had that information been released before negotiations were completed, the White Rock Water customers could have had to pay $1.6 million more than what was negotiated. The City remains committed to improving the water quality for White Rock residents and will continue to take proactive steps to accomplish its operational and water quality goals.
For information on steps the City is taking to improve White Rock’s water quality, please visit www.whiterockcity.ca/mywater.
Cost Savings for White Rock Water Customers
Released City Documents:
2013-06-10 Closed Corporate Report (Business Case) - Acquisition of EPCOR White Rock Water
2013-02-25 Closed Corporate Report - Purchase of Water Utility
2013-03-15 Letter from Fraser Health
2013-06-17 Email from CAO to Comptroller of Water Rights
2013-10-15 Executed EPCOR Two Way Confidentiality Agreement
2015-08-28 EPCOR Asset Purchase Agreement – (minor redactions due to personal information and harmful financial information about a third party)
2015-10-26 Drinking Water Permit Application
For more information contact:
Ms. Farnaz FarrokhiManager, Communications and Government Relations | City of White RockEmail: firstname.lastname@example.org
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