FOR IMMEDIATE RELEASE
Re: Bullhead City’s ballot initiative to purchase EPCOR Water Arizona
In light of the ballot initiative asking Bullhead City residents to allow the City to acquire EPCOR Water Arizona’s local infrastructure, the H20 Committee PAC’s mission is to educate voters on all the facts regarding the issue.
For quite some time, EPCOR has been providing voters with information about how devastating the City taking over the water system would be to our citizens. The profit-generating investor-owned corporation based in Canada with ONE shareholder (the City of Edmonton), understandablyhas a vested interest in not selling their company. EPCOR has mentioned time and again that EPCOR is not for sale and will not sell. However, eminent domain/condemnation in the United States gives power to a government to take private property for public use while requiring “just” compensation to be given to the original owner. If EPCOR and the City cannot come to terms about the “just” compensation, the matter will be placed in the hands of the courts which would be costly to everyone.
EPCOR indicates the value of their company is $130 million-dollars and states that the City would be paying 8% interest. The City’s evaluation,completed by the largest financial management and data consulting firm in the United States, is estimated to be $54 million–dollars. Because of the City’s financial rating, they will most likely pay about 3% interest. The courts may estimate either way or something in between. The City has the option of not buying the company if the price is not cost effective for their constituents. There are no guarantees either way although, EPCOR has been raising rates substantially and intends to consolidate services throughout Arizona and averaging prices across the state which means Bullhead City citizens would be subsidizing water rates for areas like Scottsdale and Paradise Valley.
Bullhead City has been very transparent about the facts. Information, facts and research is available at: www.bullheadcity.com. “After viewing the information provided by Raftelis and Mr. Cotter, I am alarmed that the citizens in our community have taken EPCOR’s propaganda to heart,” states Lori Fonzi, H20 Committee PAC Communications Director. “Not only did I feel it’s important for everyone to know all of the facts, I’ve joined the committee to help educate our community from a perspective other than EPCOR’s.” Fonzi added, “Who would you rather have controlling your water utilities, your local non-profit government or, an out of the country, for-profit, private company?”
The H20 Committee PAC has a Facebook page, H20 Bullhead City, with information and will soon to have a website: H20committee.com. For any questions, contact Ron Fonzi, Vice-chair at (928) 201-6630 or email: H20bullhead@gmail.com.