- 11 - for a transfer of the unused water out of the Colorado River Basin, it would likely have faced greater regulatory hurdles than it faced with the Corpus Christi transaction. No prospective buyers, other than Corpus Christi, had made an offer or was actively pursuing the purchase of any portion of petitioner’s water right as of the valuation date. Austin is located in the Colorado River Basin and might have been a potential customer for petitioner’s water, but Austin had a long- standing agreement with the LCRA that entitled it to free water. Austin did not predict that it would exceed its allotted free water until at least 2030. Similarly, the city of San Antonio had discussions with petitioner in 1991 about purchasing a portion of its water right, but those discussions had ended by the end of 1991. Neither city was actively pursuing a purchase of any part of petitioner’s water right as of the valuation date. Petitioner’s shareholders had discussions with the LCRA in 1967, 1972, and 1992 regarding the possibility of the LCRA’s purchase of petitioner’s water right. None of these discussions resulted in a sale, and the LCRA did not even make an offer during the most recent discussions in 1992. The LCRA had expressed interest in purchasing petitioner’s entire water right. Mr. Lehrer was willing to sell only a portion of the water right. As of the valuation date, the LCRA had not made any recent offers or initiated any serious discussions regarding the sale ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011