Missoula files for eminent domain takeover of water system from Carlyle Group [View all]
Source: Missoulian
The city of Missoula filed for condemnation of Mountain Water Co. on Wednesday in District Court, seeking to take ownership of its public water system from The Carlyle Group.
“This is something that we have not engaged in lightly,” Mayor John Engen said at an afternoon news briefing in his office. “I’ve never imagined exercising the city’s right of eminent domain in any circumstance, but I believe this is so important to the future of our community and the risks of not pursuing this avenue are too great.”
... As part of its complaint, the city argues that Mountain Water ratepayers under private ownership are lining the pocketbooks of faraway investors. In the 2013 fiscal year, the Carlyle Group’s three founders earned $750 million, or roughly more than $133,000 each per hour, and they had use of a private airplane valued at $1.1 million.
“As a result of its focus on creating value for its investors rather than creating value for its customers and ratepayers, Carlyle Infrastructure is incentivized to operate the Water System in a manner that will achieve the maximum short-term economic return rather than to operate it for the long-term stability and security of the people of Missoula,” reads the eminent domain complaint.
Read more: http://missoulian.com/news/local/missoula-files-for-eminent-domain-takeover-of-water-system/article_d7e7703e-ba9c-11e3-97ad-0019bb2963f4.html
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