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Question: When is the acquisition expected to take place?
Response: This acquisition is a multi-step process, much like purchasing a house, but also with the added step of approval by the State Corporation Commission (SCC). Neither the City nor Aqua can control the timeline of the SCC's decision. The basic steps are shown below, although there are many other smaller steps in-between.
- Planning Commission must conduct a Public Hearing as required by Section 15.2-2232 of the Code of the Commonwealth of Virginia. - Complete
- City Council approval of a proposed and finalized sale contract between the City of Chesapeake and Aqua Virginia. This contract also requires approval by the Board of Directors of Aqua Virginia. - Complete
- City Council approval of the funding for both the purchase price and the estimated $3.9 million in engineering and construction work. - Complete
- SCC must approve the contract and may elect to conduct a hearing prior to approving the contract - Approved March 14, 2019, closing on or about April 18, 2019
- City of Chesapeake must perform due diligence evaluations of the Indian River Water System, similar to the inspections, title searches, etc., involved when purchasing a home. - Completed
- Close on the sale.