Water Credits Available for Sale in Pacific Grove!


Some good news for Pacific Grove!....

The City Council voted unanimously to approve the sale of 47.88 acres-feet of water at a one-time sale price of $250,000 per acre-foot. It may sound like a lot of money but up until this month, there was no opportunity to purchase water from the City and the opportunity to add bathrooms or build on vacant lots just wasn't possible.

The initial plan was that PG's Local Water Project would recycle wastewater, it would be cleaned (but non-potable) water then used to keep the PG Municipal Golf Course and El Carmelo Cemetery green. The saved water credits would then be counted towards the city's annual water allowance which would in turn free up water credits to be sold to those on the city's water waiting list.

There have been some hurdles due to the 2009 cease-and-desist order but on April 19, a letter was issued by 2 state water officials telling the city that they could sell the water...with certain restrictions.

It is estimated that an average home will require a quarter to one third of an acre-foot per year which translates to $43,750 to $57,750 initially (30% discount for the first residents and businesses who apply and build prior to 12/2020). The price will increase after that date. There will also be a processing fee (TBD) charged by the City.

There are still some hurdles to overcome but it sounds like we are making progress! There will be more to come!

Source: Monterey County Weekly May 17, 2019

#realestate #water #construction #PacificGrove

Coldwell Banker Realty

126 Clock Tower Place, #100, Carmel, CA 93923

831-275-0423

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