CLINTON, CONNECTICUT,   May 15, 2012   – The Connecticut Water Company, a regulated water utility subsidiary of  Connecticut Water Service, Inc., has completed the  previously announced  sale of 178   acres of  open  space land, including a 39-acre  former reservoir, to the Town of Plymouth, Connecticut. The property, which is referred to as the Plymouth Reservoir Property, had once been  used as a  water supply source – but is no longer needed for that purpose.

Plymouth Reservoir © Ginger Lee Grant, g.l.o photography

According to Maureen P. Westbrook,  Vice President,   Customer and Regulatory Affairs, the transaction presented a unique opportunity for the T own to acquire a large parcel of open space land  without the use of local tax dollars . “The Town of Plymouth acquired the parcel, which has a fair market value of $1.615 million, using grants  from the Connecticut Department of Energy and Environmental Protection  (DEEP)  and the  Federal Highway Office  (FHO) that totaled   $1.45 million. Connecticut Water sold the land  in a bargain sale that closed the gap of $165, 000.” Ms. Westbrook added, “Connecticut Water is pleased that local residents supported the purchase and that the Company  was able to partner with community leaders ,  DEEP and FHO to preserve the land and reservoir as protected open space.”

Over the past 12  years, Connecticut Water has worked with towns and land conservation organizations to set aside more than 1,000 acres  of land as passive recreation and protected open space in the state of Connecticut. All of the land set aside was no longer needed for water supply purposes.

The Company has taken advantage of legislation passed by the Connecticut General Assembly in the late 1990 s that provides tax benefits to water utilities for protecting land as open space rather than having it developed. This tool mak es it possible for communities  to acquire open space land while the company is protected financially.

Connecticut Water Service, Inc. is the  largest publicly traded water company based in New England. Through its wholly- owned public water utility subsidiaries, The Connecticut Water Company and The Maine Water Company, the Company  provides drinking water to 106,000   customers, or about 35 0,000 people ,  throughout   the states of  Connecticut and Maine.

See previous coverage in Environmental Headlines here: http://environmentalheadlines.com/ct/2010/09/15/residents-invited-to-plymouth-reservoir-property-tours-on-918-and-926.

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