The California Legislature has just this morning passed an $11 billion water bond proposal, which includes over a billion dollars for groundwater storage and other infrastructure projects and also mandates a 20% cutback from current water sources. The proposal is part of a broader state water system overhaul that has been pursued by the State Legislature for months. The passage of the legislation was praised by Governor Schwarzenegger, who is expected to sign the bills into law. This is very good news for our public agency partners, as they could potentially access available funds for the water project.
June 5, 2009
LOS ANGELES – Today Cadiz Inc. (NASDAQ:CDZI) announced that it has executed Letters of Intent (LOI) with a broad collection of Southern California water providers to develop a cost-sharing agreement, finalize terms of pricing, design and capital allocation and work towards implementation of its water conservation and storage project. These providers together serve more than 3 million water customers across the region.
Signing the LOIs are four public municipal water agencies and Golden State Water Company, California’s second largest publicly-traded water utility. These providers serve customers in California’s San Bernardino, Riverside, Los Angeles, Orange and Ventura Counties. The Company expects to add additional participants for other aspects of the project.
Broad-based Agreement on Land Preservation, Clean Energy, and Restoration of Aquatic Ecosystems
May 14, 2009
LOS ANGELES – Today Cadiz Inc. (NASDAQ:CDZI) and the Natural Heritage Institute (NHI) announced a wide-ranging “Green Compact” designed to ensure the sustainable management of the largest privately owned portion of the Mojave Desert. Founded in 1989, NHI is a leading global environmental organization dedicated to restoring and protecting water-dependent ecosystems.
Under a Memorandum of Understanding (MOU) between Cadiz and NHI, the company will pursue a series of model environmental initiatives, including the permanent preservation of its lands, dedication of a portion for solar power development, stringent plans for groundwater management and habitat conservation, and the creation of a water bank that will be used in part to restore one or more endangered aquatic ecosystems in California and the Colorado River basin.
The following letter was filed on Form 8-K on April 8, 2009 -
I am writing to report on the significant progress we are making in the realization of our water supply and storage business and to give you a clearer idea of what to expect in the near future. We believe the Project is on a clear path, and over the next few months, we will be announcing elements of a multi-pronged plan to secure environmental approval, sign agreements with customers, and ultimately begin construction of the Project.
Negotiator of Nation’s Largest Conservation-based Water Transfer to Oversee Company’s Agency Relationships and Sustainable Resource Management Programs; will continue to practice at Brownstein Hyatt Farber Schreck, LLP
November 26, 2008
LOS ANGELES – Cadiz Inc. (NASDAQ:CDZI) today named Scott Slater, one of the nation’s foremost experts in water policy, groundwater and environmental law, to serve as the Company’s general counsel. With 24 years of experience in the sustainable development and management of water resources, Slater will be the firm’s lead liaison with customer agencies and oversee the company’s environmental and resource management efforts. Under the terms of the agreement with Cadiz, Slater will also continue his practice as a shareholder in the law firm of Brownstein Hyatt Farber Schreck, LLP.
99-year lease agreement will provide Southern California with as much as 150,000 acre-feet/year of clean and reliable water
September 18, 2008
LOS ANGELES – Cadiz Inc. (NASDAQ:CDZI) announced today the execution of a 99-year lease agreement with the Arizona & California Railroad Company (ARZC). The agreement will allow Cadiz to utilize a portion of the railroad’s right-of-way for a conveyance pipeline as part of the Cadiz Valley Dry-Year Supply Project.
The Cadiz Valley Dry-Year Supply Project (Project) is a water storage and supply program, which will provide Southern California with as much as 150,000 acre-feet/year (49 billion gallons) of clean and reliable water during years of droughts, emergencies, or other periods of urgent need by utilizing the aquifer system that underlies Cadiz’s 35,000-acre landholding in the Cadiz and Fenner valleys of eastern San Bernardino County. Historically, such dry periods occur in approximately three out of every ten years. In any given dry year, this water would be enough to serve more than 1.2 million people.