Birmingham Utilities, Inc. Former Reservoir Property Sold to DEP.Business Editors ANSONIA, Conn.--(BUSINESS WIRE)--June 28, 2001 Birmingham Utilities, Inc. announced today that it has sold 570 acres of land, formerly known as the Quillinan Reservoir and Watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. located in Ansonia and Seymour, CT to the State of Connecticut D.E.P. for $5,500,000. As part of that transaction, the City of Ansonia has contributed $250,000 toward the purchase price. John S. Tomac, the Company President said, "We are pleased once again to have been able to sell former watershed property for use as open space". Tomac noted that this property contains an existing trail system, which makes it perfect to use for passive recreation. Mr. Tomac further stated, "We are very satisfied that the residents of Ansonia and surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. communities will be able to enjoy this property for generations to come. This transaction follows the Company's history of working with its constituents to preserve open space." Tomac further noted, "We have been negotiating this sale with the D.E.P. from the onset. This property was never offered to developers. The Company has sold this property at a price that is less than the appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a . As a result of the bargain sale, the Company will be afforded Federal and State Tax credits. The proceeds will be used to improve the Company's infrastructure, while postponing rate relief. Shareholders will also benefit as a result of the sharing allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as approved by the D.P.U.C." Birmingham Utilities is an investor-owned water company serving primarily the cities of Ansonia and Derby, and whose common stock is traded on the AMEX AMEX See: American Stock Exchange under the symbol "BIW BIW Body in White (automotive design technique) BIW Business Information Warehouse biw Biweekly (medication dose) BIW Building Information Warehouse BIW Ben Ik Weer (Dutch: I'm Back) ". |
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