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4TH ANNUAL JOINT LUNCHEON WITH IRWA CHAPTER 57 - A Tale of Two Cities Condemnations of Private Water Companies: Valuation Aspects (Cities of Ojai and Claremont)
April 4, 2018
Local Area Topics
Please register early
After Mar 29, 2018
3400 Market St.
Sponsor / Contact
Jeffrey M. Oderman
Rutan & Tucker, LLP
Bruce W. Hull MAI and Associates
Bruce W. Hull, MAI
Bruce W. Hull, MAI and Associates
Jeffrey Oderman is a partner in the firm's Government and Regulatory Section, where he practices in the areas of municipal law, land use, environmental law, eminent domain, and related public agency litigation. Mr. Oderman is also a member of the firm’s Land Use and Natural Resources Practice Group, the Affordable Housing and Economic Development Practice Group, and the Condemnation/Property Valuation Practice Group. Mr. Oderman represents both public agency and private clients within his areas of expertise. Mr. Oderman joined Rutan & Tucker in 1977 and has been a partner since 1980. Mr. Oderman served as Rutan & Tucker’s Managing Partner from 1995-1998 and from 2002-2005. Mr. Oderman also served on the Firm’s Executive Committee from 1995-2005 and as the Chairperson of the Firm’s Government & Regulatory Law Section.
Wayne Lusvardi was chief real estate appraiser for the Metropolitan Water District for 20 years and has authored numerous articles in The Appraisal Journal (MAI), Right of Way magazine (IRWA), Real Estate Review Journal (NYU), Journal of Property Economics (IAAO), Real Estate Issues (CRE), and Public Utilities Fortnightly (PUR). Wayne specializes in the valuation of regulated investor-owned water utilities and water rights, the valuation of marketized fiber optic easements, overlapping easements within utility corridors, telecommunications real estate and complex eminent domain valuation assignments. He developed the three methods of real estate damage valuation (Deduction, Adduction, Reduction). He is an associate with Bruce W. Hull, MAI, and Associates and resides in Rancho Mirage, California.
Bruce Hull is a qualified expert appraisal witness in the superior courts of Los Angeles, Orange, Riverside and Ventura counties and the U.S. District Court in Los Angeles and the Central District of California. His specialization has been in the valuation of large land secured dirt bond (Mello Roos) financing for master planned communities for bond underwriters. Bruce was on the advisory panel in developing Appraisal Standards for Land Secured Financing by the California Debt Advisory Commission.
TOPIC: In 2013 and 2014 parallel, but independent, efforts were launched by two California cities to get government water agencies to takeover private water companies regulated by the CPUC in order to lower water rates, with diametrically different outcomes.
In 2013 the City of Ojai voted in favor of a plan for the Casitas Municipal Water District to takeover by condemnation Golden State Water Company with about 3,200 water service connections. Casitas Water District’s appraisal was $23.7 million plus non-operating accounts totaling about $28 million ($8,750 per water connection) and involved estimating a premium for the public takeover of a private water company, the only such provision in case law.
In 2014, the City of Claremont also initiated an effort to condemn Golden State Water Company’s system in their community serving about 11,000 connections. Claremont’s appraisal was $55 million ($5,000/connection) while Golden State’s appraised value was $222 million ($20,182/connection).
In contrast, by 2016 Superior Court Judge Richard Fruin denied Claremont’s public necessity to acquire Golden State Water’s system in its city, mainly due to lack of evidence that water rates could be lowered. Claremont spent about $14 million in litigation costs in a losing effort to establish a public necessity to take over Golden State’s system. This was nearly double the city’s general fund reserve account.’
To make sense of the divergent outcomes of the recent high profile Ojai and Claremont cases, Jeff Oderman, legal counsel for Casitas Municipal Water District and partner of the Costa Mesa law firm of Rutan and Tucker and , will speak. Also speaking will be Wayne Lusvardi, former Chief Appraiser at the Metropolitan Water District of Southern California, and Bruce Hull, MAI, who will address the unique issue of how to estimate a premium required under eminent domain law when a public entity buys out a private water company. Lusvardi and Hull will hand out an original article on the topic, which will be published in the Right of Way magazine.
ALL ARE WELCOME - LIMITED SEATING REGISTER SOON
Up To 15 days prior to program start date, $5.00 cancellation fee.
2 - 14 days prior to program start date, $15.00 cancellation fee.
Less than 2 days prior to program start date, forfeit of payment.
This Educational Program (Program) was developed and organized by the Appraisal Institute Chapter offering the Program with the intent of addressing topic(s) of current local interest solely for educational and informational purposes. The Appraisal Institute national organization was not involved in developing or organizing the Program.
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