Monument: No contract for Fountain Mutual Ditch Company shares

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From The Tri-Lakes Tribune (Nicole Chillino):

The board of trustees had, at its May 7 meeting, decided to go under contract with the company. In a conference call with the town’s water attorney, Bob Krassa, water engineer Bruce Lytle, town attorney Gary Shupp, trustee Gail Drumm, public works director Rich Landreth and town manager Cathy Green, the town was advised by Lytle and Krassa not to close on the purchase of the water shares, Green said. The deal would have involved the purchase of 526 shares of water in exchange for $6 million. “For us it’s all of our water money, it’s a huge risk, and if we make an investment this big we won’t have a dime for many years to come to put into anything that comes along that might be better,” Green said. She added while the town might be giving up good water rights, the staff recommended not pursuing them because it is trying to minimize the risk to the town. The contract had a lot of third-party agreements, Green said, and there was uncertainty about what that might mean for the town. There were also questions about whether the water could be exchanged upstream, whether the water could go outside the service area of the potential water provider, Comanche Resources, and how and where to store the water.

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