BHC, Town of Shelton Sign Open Space Land Deal.BRIDGEPORT, Conn.--(BUSINESS WIRE)--July 20, 1998--Aquarion's BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. Company water utility subsidiary has signed a contract to sell 430 acres of surplus, off-watershed land to the Town of Shelton for $7.0 million. The land will be maintained as open space and used for other public purposes. The agreement, which has been approved by the Shelton Town Council and signed by Mayor Mark A. Lauretti, has been sent with an application to the Connecticut Department of Public Utility Control (DPUC DPUC Department of Public Utility Control (Connecticut) ) for regulatory review. The DPUC has up to 150 days to act on the application and approve the contract's price, terms and conditions. The property consists of six parcels, including a 234-acre-site on Shelton Avenue known as Shelton Lakes. A small portion, or up to 15 percent, of the land is being considered for a school facility. Daniel A. Neaton, Aquarion vice president of corporate and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , said, "We are extremely proud to reach this agreement with the Town of Shelton, because the town's plans for the property underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. our goal that a substantial portion of BHC's surplus, off-watershed land when sold be preserved for the public's use and enjoyment." In addition, Neaton stressed that the land sale is consistent with BHC's strategy to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose surplus off-watershed land to help fund future water system improvements, mitigate water service rate increases and enhance shareholder value. Believed to be the largest private landholder in Connecticut, BHC owns 20,000 acres, of which approximately 2,700 are classified as surplus, off-watershed land that is not needed for the protection or supply of drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. and available for sale. Neaton noted that since BHC began its land sale program in the late 1980s, the company has sold 800 acres, 600 of which has been maintained as open space. Aquarion's (NYSE NYSE See: New York Stock Exchange :WTR WTR Water WTR Writer WTR Wait To Restore WTR Wireless Technology Research WTR Walker, Texas Ranger (TV show) WTR Western Test Range WTR With-The-Rule Astigmatism WTR Working Time Regulation (UK) ) principal business is the supply and protection of public water supply. Through its BHC and Sea Cliff Water Company subsidiaries, it is one of the 10 largest investor-owned water utilities in the nation and serves a population of 500,000 in 34 Connecticut and Long Island, NY communities. Aquarion's other businesses include real estate through the sale of surplus water company land and contract management of municipal water systems. It also owns a small timber processing company. Note to Reporters and Editors: For more information on Aquarion Company and its subsidiaries, please contact us on the internet at www.aquarion.com or www.bhcco.com.
CONTACT: Adrienne C. Vaughan, 203/336-7624
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