Illinois American Water Acquires Village of Fisher Water and Wastewater Systems
Illinois American Water today announced it has acquired the Village of Fisher’s water and wastewater systems. As part of the acquisition, Illinois American Water will invest $2.9 million in the first five years of ownership including security upgrades, meter replacements, wastewater plant improvements for regulatory compliance, and inflow and infiltration upgrades.
The Village of Fisher Board voted in favor of the sale in July 2017, and the Illinois Commerce Commission (ICC) approved the sale for $6.8 million on March 7, 2018.
The appraisal process used for the Fisher water and wastewater systems was conducted under the supervision of the ICC and established as part of the Illinois Water Systems Viability Act.
According to Hauk, this law gives communities an alternative to value their water and/or wastewater system when considering being acquired by an investor-owned water utility.
“Previous law only allowed the investor-owned water or sewer utility to pay the original cost minus depreciation to acquire a small system, public or private,” Hauk said. “Because of this, systems were deprived of receiving adequate value for their system.”
The Village of Fisher’s water and wastewater systems will be incorporated into Illinois American Water’s Champaign County District, which currently serves residents in Champaign, Urbana, Sadorus, Savoy, St. Joseph, Bondville and Pesotum.
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