HomeMy WebLinkAbout12 Manchester Property i
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Memorandum
To: Board of Directors
From: Peter Holzmeister
Date: December 10, 2004
Subject: Sale of Manchester property
Why this matter is before the board: This is a report to the board so you are kept
informed of the sale of land acquired from the Gienshire Mutual Water Company.
History: When the District acquired the Glenshire Mutual Water Company we agreed
that we would construct facilities to connect them to the main Truckee system and they
would bear all the associated costs. The assets of the Mutual Water Company were
transferred to us, including the water system infrastructure, cash and land. The
agreement was that we would use the cash from the Company to construct the
necessary facilities and, to the extent that the cash was not enough, we would impose a
billing surcharge in Glenshire to make up the difference. There is currently a monthly
billing surcharge of $10.75 applied to the water bills in Glenshire.
When the District acquired the assets of the Glenshire Mutual Water Company it
included several parcels of land. Our commitment to the people of Glenshire was to sell
the land that was needed to serve them and to credit them with the cash received. The
board of TDPUD declared the Manchester property surplus and offered it for sale to
public agencies as required by law. No public agencies expressed an interest in it so
we established a value for it and offered it for sale to the public.
New information: We have been working with the Glenshire Homeowners Association
since they have a financial interest in the outcome of this sale of land. We received a
full price offer of $179,900 which we accepted and escrow has been opened. We
expect to close the sale within the next few days. The funds received will be applied to
the account of the Glenshire water system.
Recommendation: There is no board action required.