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Today Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”) announced that it has entered into an Option Agreement with Southern California water provider Jurupa Community Services District (“JCSD”) for conserved water and carry-over storage capacity from its Cadiz Valley Water Conservation, Recovery and Storage Project (“the Project”). JCSD, which serves customers in parts of eastern Riverside County, is the fifth water provider to agree to participate in the Project, joining Santa Margarita Water District, Three Valleys Municipal Water District, Golden State Water Company and Suburban Water Systems. With the addition of JCSD, over 70% of the water to be conserved annually by the Project is now under option.
JCSD’s involvement in the Project will be on terms consistent with those previously announced for the other Project participants. JCSD will have the right to acquire a firm, annual supply of 5,000 acre-feet of water and will also have the option to acquire storage capacity in the Project to manage this new supply in complement with its other water resources. These rights will be exercisable upon completion of the Project’s California Environmental Quality Act (“CEQA”) review, which is currently underway. JCSD has committed funds to the CEQA review process and will share costs with the other Project participants and Cadiz.
“The Jurupa Community Services District is dedicated to ensuring the future delivery of a reliable, high-quality water supply for our customers,” said JCSD Board of Directors President Jane Anderson. “The Cadiz Valley Project offers a new way to minimize variability in our annual supplies and improve reliability for our customers at a competitive cost. We look forward to participating in the next phase of this exciting Project.”
“We are pleased that Jurupa Community Services District has joined the four other water providers as a participant in the Project.” said Scott Slater, Cadiz General Counsel. “The Project is committed to improving long-term water supply reliability in Southern California without harm to the desert and watershed environment at the Project area. Jurupa has a long history of safe and sustainable use of Southern California’s groundwater and we welcome their participation in the Project.”