$79M Milford Water Company Purchase Topic Of Special Town Meeting

Milford MA

24 June, 2021

3:45 PM

Description

MILFORD, MA — Milford Town Meeting will convene in special session in August to decide whether the town should spend $79 million to purchase the Milford Water Company (MWC). The decision dates back to 2017, when Town Meeting authorized the town to purchase the company using a 30-year bond backed by water rates. In March, the state Department of Public Utilities (DPU) valued the utility at $66.3 million, about $3 million more than the town's initial offer. Following that DPU valuation, the private utility and town officials met to decide on a final price. The $79 million price was set in a letter of intent signed June 7. The water company had said it made over $4 million in improvements to its infrastructure in recent years. The MWC was formed in the late 19th century to handle the distribution of the town's water. Some town residents in recent years lost confidence in the water company following a period of boil-water advisories more than a decade ago, and criminal charges brought against a former MWC executive. The Special Town Meeting will take place Aug. 2 at Town Hall.