Artesian Water Company, Inc. Enters Into Agreement to purchase water assets of the Fort DuPont Redevelopment and Preservation...
February 28 2017 - 12:03PM
Artesian Resources Corporation (NASDAQ:ARTNA), a leading provider
of water, wastewater services and related services on the Delmarva
Peninsula, today announced that it has entered into an agreement
with the Fort DuPont Redevelopment and Preservation Corporation, or
FDRPC, for the purchase of existing water assets and for the
provision of potable water and fire suppression services.
The Fort DuPont National Historic District, or
Fort DuPont, consists of 325 acres and lies between the Delaware
River on the east, the Chesapeake and Delaware Canal on the south
and the Delaware City Branch Canal. The purchase includes a
water treatment plant, a storage tank, mains, and other equipment
used to provide potable water and fire suppression services to
portions of Fort DuPont and surrounding properties. Artesian
and Fort DuPont intend to design, build and operate a state of the
art, cost effective, safe and reliable water system that will
include both new water assets as well as improvements and upgrades
to the existing water assets. The water system can be
expanded to meet the needs of the planned 600 unit residential
community as well as retail development, in addition to water
service currently provided to the Governor Bacon Health Center and
National Guard facilities.
“Artesian looks forward to partnering with the
Fort DuPont Redevelopment and Preservation Corporation as it
redevelops the historic area located on the Delaware River between
the Chesapeake and Delaware Canal and Delaware City,” said Dian C.
Taylor, Chair, President & CEO of Artesian Water Company,
Inc. “It is the cooperative efforts of the State of Delaware,
Delaware City, the Fort DuPont Redevelopment and Preservation
Corporation and Artesian that will create a vibrant community at
this historic site,” she said.
About Artesian Resources
Artesian Resources Corporation operates as a
holding company of wholly-owned subsidiaries offering water,
wastewater services and related services on the Delmarva
Peninsula. Artesian Water Company, Inc., the principal
subsidiary, is the oldest and largest investor owned water utility
on the Delmarva Peninsula and has been providing water service
since 1905. Artesian supplies 7.6 billion gallons of water
per year through 1,260 miles of water main to approximately 301,000
people.
Contact:
Nicki Taylor
Investor Relations
(302) 453-6900
ntaylor@artesianwater.com
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