NEW YORK, Nov. 19, 2007 -- Water Asset Management, LLC announced today that it completed its purchase of water rights, valued at approximately $70 million, for use in the Town of Prescott Valley, Arizona. Water Property Investors, LLC (WPI), a wholly owned subsidiary of Water Asset Management, was the successful bidder at the water rights auction the Town completed on October 30, 2007. The acquired water rights will be remarketed to developers, builders and other local land owners to support Prescott Valley's planned growth.
"We are extremely pleased to enter into this innovative public-private partnership with Prescott Valley. This approach to managing and allocating water resources within the Town will protect the long-term integrity of local water resources, while also assuring the Town's ability to sustain reasonable growth and economic vitality," said Walraven Ketellapper, the project manager for WPI.
The purchased water rights -- highly treated wastewater that is recharged into the local aquifer -- will be remarketed to new development projects within Town. This method of allocating the cost of developing new water resources for anticipated growth in the region will help ensure that new development will not become a burden to existing tax payers or water rate payers.
"Mayor Harvey Skoog, the Town Council and staff showed considerable forethought in conducting this groundbreaking auction which will provide Prescott Valley with an assured revenue source and efficient management of its water resources," noted Disque Deane, Jr., WPI's managing member. Mr. Deane went on to say that his group "looks forward to working with Prescott Valley and local developers to make this program a long-term success."
Water Asset Management is a New York based investment firm that focuses on water related investments worldwide.
###
