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Live Oak EDC reviews water-rights inventory; staff recommends monitoring market before purchases
Summary
City staff reported the city currently holds about 390 acre-feet of water rights, estimates a need of roughly 640 acre-feet (leaving an additional ~250 acre-feet needed), and said a $600,000 reserve is available but severe drought has doubled recent prices; staff recommended monitoring the market rather than immediate purchase.
City staff briefed the Live Oak Economic Development Corporation on Jan. 28 about the city’s water-rights inventory and purchase strategy, saying the city currently holds about 390 acre-feet and estimates a need near 640 acre-feet, leaving roughly 250 acre-feet to be acquired to meet projected demand for undeveloped and developing areas.
A staff presenter identified as Mr. Waxner said the city has budgeted $300,000 in previous and current budgets for water-right purchases but that drought conditions have caused prices to more than double. “You currently have 390 acre feet in your inventory,” Waxner said. “That leaves you needing about an additional 250 acre feet.” He said staff had…
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