AGENDA CAPTION:
Title
Consider approval of Resolution 2014-150R approving a lease with Martin Marietta Materials Southwest, Inc., leasing the City's right to withdraw 885 acre feet of water from the Edwards Aquifer during the lease term beginning on January 1, 2014 and ending on December 31, 2014 in exchange for the payment to the City of $347,805.00 and declaring an effective date.
Body
Meeting date: October 21, 2014
Department: Public Services
Funds Required:
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Funds Available:
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CITY COUNCIL GOAL: Sound Finances
BACKGROUND:
The City has leased groundwater in excess of the current demand to the Martin Marietta Corp. each year for the last several years. This year Martin Marietta leased 1000 Acre Ft. and has requested to lease an additional 885 Acre Ft. through the end of this fiscal year. They have offered to pay the amount of $393/AF which is equivalent to the amount recently derived from the EAA conservation grant value. This is approximately 18% higher than the highest lease value obtained from Martin Marietta this current year. Financial details are attached as well as a map of the withdrawal location south of New Braunfels.