On a 9-1 vote, Castaic Lake Water Agency board members authorized the planned acquisition of the Valencia Water Co. from Newhall Land on Wednesday night.
The sole voice of opposition came from board member B.J, Atkins, who did not necessarily have a problem with the water agency’s purchase of controlling stock from Newhall Land and Farming Co., but the nature and expedience of the transaction.
Water officials were approached by representatives from Newhall Land around the beginning of last year, but company officials demanded negotiations be conducted behind closed doors as a condition of the deal, according to water officials.
No timeline for the transaction was mentioned in the meeting, but CLWA President Thomas Campbell said if the board refused to act on the offer at the hearing, it would jeopardize future negotiations. If CLWA did not take the deal, then the Valencia Water Co. and its customers, which represent 84 percent of all retail water customers in the Santa Clarita Valley, could potentially be sold to a nonlocal party, Campbell said.
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