The San Antonio Water System Board of Trustees has authorized SAWS President and CEO Robert Puente to move ahead on the Financial Close with Vista Ridge LLC for the pipeline project.
SAWS Vice President Donovan Burton addressed the board at Tuesday’s regularly scheduled meeting and said that could happen in the next few days.
“They are going to get about $850 million to build this project. That’s what the Financial Close will be. They’ll actually get it in draws; they won’t get the full 850 million on day one. They’ll get that in draws and they’ll start paying-off different things and they’ll start buying pipe, they’ll continue the design, and they’ll start construction in January or February of 2017,” Burton says.
Last month, Puente told TPR the water utility would take over the construction of the pipeline if Garney Construction was unable to meet certain deadlines.
The $3 Billion project calls for water to start flowing 142 miles from Burleson County by 2020.
