The city of Fort Wayne announced Thursday that it had reached a final agreement with Aqua Indiana to purchase Aqua’s water utility in southwest Fort Wayne. The agreement also resolves 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. City officials said a public hearing and discussion of the ordinances could occur on May 6. A final vote for approval would be possible on May 13.
Last July, 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 October or November.