Nearby El Dorado (just outside Santa Fe) decided to condemn their water system and estimated its value at $3 million. (Edgewood has estimated the value of EPCOR’s system at $14 million). Like every other case history of condemnation actions of town water systems, it ended up costing $13.7 million after legal fees and financing costs (about four times El Dorado’s original estimate).
El Dorado has about the same number of customers as EPCOR has in Edgewood (3,000), and had ot raise it’s rates (including property taxes and rate hikes) two-and-a-half times their previous rates (pre-condemnation).
This spreadsheet shows the comparative cost of one month’s water for a family of three (highlighted in yellow). Note: El Dorado is $204.67 vs. EPCOR at $72.00 (3x more in El Dorado).
