Milford Will Buy Water Company After Town Meeting Vote

Milford MA

04 August, 2021

8:51 AM

Description

MILFORD, MA — An overwhelming majority of Milford Town Meeting voted this week to purchase the Milford Water Company after a process years in the making. During a special meeting Monday, members voted 145-14 to approve the $79 million maximum purchase price. Town Meeting in 2017 authorized the town to purchase the private company using a 30-year-bond backed by water rates. Beginning in 2009, residents began to lose confidence in the water company following a period of boil-water advisories. Criminal charges were later brought against a former MWC executive. The utility also raised rates significantly over the years, including a 50 percent hike in 2013 that originally sparked the town's interested in buying the utility. 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, the private utility and town officials met to negotiate the final price, which landed at $66.3 million plus about $10 million for improvements made to infrastructure in recent years. Monday's vote is the first step toward buying the utility. The town hopes to close on the purchase by Dec. 8 at the latest, subject to the town securing the financing.