Vidler Water Company, a subsidiary of PICO Holdings, Inc. (Nasdaq: PICO), today announced it had reached a definitive agreement with two Scottsdale, Arizona golf courses for the sale of 1,021.1 net acres and 3,063.3 acre feet of associated groundwater rights for $9,955,725.00. The City of Scottsdale approved the transaction at the City Council meeting on December 4, 2012.
The agreement allows the Scottsdale golf courses and the City of Scottsdale to avoid the significant costs of construction of a planned pipeline, while at the same time providing a long-term groundwater supply for the golf courses, which comprise a significant economic component in the Scottsdale economy.
“The water we are able to make available for the golf courses and the community of Scottsdale provides the continued assurances that these valuable parts of Arizona’s economy will be able to stabilize their costs without impacting existing users. That makes the golf courses and Scottsdale less susceptible to drought, while protecting the larger water plans of Arizona,” noted Dorothy Timian-Palmer, President of Vidler Water Company.
The agreement is subject to certain closing conditions and a final closing is expected in the first quarter of 2013.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV