Riverbend Water Resources District took a significant step forward this week by acquiring the wet utilities operations at TexAmericas Center in New Boston, Texas.
On Thursday, representatives from Riverbend and TexAmericas Center met to finalize closing documents for the transfer for the wet utilities on the TexAmericas footprint.
The transfer has other important implications on the regional water front, according to Liz Fazio, Riverbend CEO. The acquisition of the TexAmericas wet-utility system better positions Riverbend to be a wholesale water provider for this region and is reflected as such in the state water plan. Riverbend serves this area's locally controlled regional governance structure with the responsibility of protecting and managing regional water resources.
Riverbend has now grown to include 16 members over a three-county area.
"With the transfer of the wet utilities behind us, Riverbend will now turn its attention to the development of a regional water master plan focused on the development of water resources for its member entities, with particular focus on the development of raw water for industrial purposes," Hale said. "We look forward to a long and successful relationship with TAC (TexAmericas Center)."
The Riverbend and TexAmericas boards began meeting about the acquisition earlier this week and then unanimously approved the completion of the purchase agreement originally executed last May. The closing was the final step to complete the transaction that pays off approximately $12 million in debt for TexAmericas associated with the wet utilities. In exchange, Riverbend will acquire the debt on those facilities and assume operation responsibility, which includes servicing Red River Army Depot.
"A lot of hard work has gone into this transaction. Riverbend understands the great responsibility that comes with managing and operating this utility system for the Depot, TAC (TexAmericas Center), our member entities, and for the entire region," Riverbend board Chairman Sean Rommel said.
Negotiations for the transfer of the wet utilities to Riverbend has spanned more than two years. Bowie County Judge James Carlow, a former Riverbend board member, said he wanted to thank all those who had worked tirelessly to make the transfer a reality.
"This could not have come at a more appropriate time for our region. Many are looking to Riverbend to help guide us in regional planning and in the protection and management of our water resources," Carlow said. "I want to thank all those who have worked tirelessly to make this transfer happen."
Riverbend's management and operations are effective May 1. Riverbend's offices will be at 228A Texas Ave., New Boston, TX, 75570.