RDN presents letter of intent to buy water utility

RDN presents letter of intent to buy water utility

The Regional District of Nanaimo has looked at purchasing EPCOR WaterWest Utility

The Regional District of Nanaimo has looked at purchasing EPCOR Water West Utility, a private water utility in the French Creek area.

The plan to purchase the utility company has been ongoing since 2016, after a French Creek Residents’ Association survey showed that 600 respondents support the RDN buying the water system if the cost did not exceed what they are currently paying.

Staff and EPCOR have enagaged in discussions that has now led to a letter of intent that forms a non-binding offer for the RDN to purchase the water utility. This was issued to EPCOR last August.

According to the RDN, if the letter of intent is agreed to by both parties, the regional district will conduct further due diligence investigations and negotiations that would lead toward a conditional purchase agreement with EPCOR.

The RDN expects these investigations and the conditional offer to purchase to be completed in early 2019. If EPCOR accepts the conditional offer to purchase, a process would be initiated to seek the approval of the residents currently served by EPCOR to create an RDN service area.

EPCOR Water also serves properties in Electoral Area G and Town of Qualicum Beach; approximately 2,000 connections with a population of approximately 4,000 residents.

— NEWS Staff

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