No price agreed in sale of water utility to White Rock

Binding arbitration possible if city, Epcor fail to negotiate an amount.

Despite taking ownership and operation of the water utility two weeks ago, the City of White Rock and Epcor have yet to agree upon a purchase price, according to the city manager.

Following weeks of inquiries about the purchase price – unanswered by city officials due to “confidentiality provisions” – Dan Bottrill confirmed Tuesday that the price has yet to be determined.

“We were able to transfer the utility prior to the parties coming to a negotiated price,” Bottrill told Peace Arch News.

“At this point, we still haven’t agreed on a price. If we don’t come to an agreement, the matter can be determined by arbitration.”

Describing the negotiating process as “difficult,” Bottrill explained the city was “motivated to acquire the water utility as soon as it could.”

The transfer of ownership and operation took place on Oct. 30.

Bottrill cited “differences of opinion” on the utility’s value as one reason for the unsuccessful negotiations. When asked if the Epcor land at 1454 Oxford St. – where two highrises have been proposed – played a part in negotiations, Bottrill said the delay “has nothing to do with that, whatsoever.”

City officials had been negotiating with Epcor for two years when council voted in June to expropriate the water utility. Two months later, the city announced a purchase agreement had been reached.

Bottrill described the binding-arbitration process as similar to expropriation, but without court involvement.

There is no deadline in place for negotiations to be completed.

“An arbitrated case will have the opportunity for both sides to present their case for the fair market value of this particular utility, and ultimately an arbitrator will make a determination of what the fair market value is,” Bottrill said.

Just Posted

Crashes pile up as snow blankets Surrey

Up to 10 centimetres of snow is in the forecast

How much does your city spend per person on snow removal?

Black Press Media compares 2018 ice and snow removal budgets of various Lower Mainland communities

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Former North Delta pastor, son ‘preyed upon shared spirituality’ to defraud investors of $450K: BCSC

BCSC panel publishes financial sanctions against Alan and Jerry Braun, Steven Maxwell

Plan to redevelop former Surrey motel site too dense, says Coun. Pettigrew

Pettigrew: ‘We need to build liveable community with green spaces… not massive zones that are densified’

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

Ex-Langley spiritual leader cleared of stock trading allegations

Investors allegedly lost $740,000 investing through a local religious organization.

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

Abbotsford man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

Most Read

l -->