Land Grab

Bargain Land Sale

 

In 1954, the El Paso Water Utilities Public Service Board (PSB) used eminent domain to purchase 1,041 acres of land for around $33,000.¹ In 2009, the land was worth $10 Million,² but local business leaders (REDCO) persuaded PSB to sell it for $168,0002² in order to promote economic development.

The PSB is not responsible for economic development. They have a fiduciary duty to bond holders and water customers to secure the water supply. Water customers paid for the land. Therefore the profit should be used to secure the water supply, but water customers had no voice or choice in the matter. Citizens are forced to go along with REDCO or PSB will shut off their water.

 

1. City seeks to buy land, David Burge / El Paso Times, August 13, 2009
2. Council OK's land purchase for Northeast manufacturing, David Burge/ El Paso Times, September 2, 2009.