Obermayer’s Municipal Services Team Closes Wastewater System Sale on Behalf of East Norriton Township
Tom Wyatt, Michael Thom and Kimberley Farmer represented East Norriton Township in the conveyance of its wastewater system to Aqua Pennsylvania Wastewater, Inc. The township’s wastewater assets sold for $21 million. This was a significant transaction, as the sale not only provides capital to East Norriton Township, but it also will enable Aqua to complete approximately $16 million of capital improvements over the next ten years – improvements that otherwise would have been the responsibility and cost of the township and its residents.
The sale of East Norriton’s wastewater system was facilitated through Pennsylvania’s Act 12, which changed the valuation process for water and wastewater systems across the state to permit buyers and sellers to agree on an equitable purchase price for water and wastewater systems. In addition to the sale of East Norriton’s wastewater system, Obermayer’s Municipal Services Team also represented Warrington Township in the successful sale of its water and wastewater systems, and has successfully negotiated Asset Purchase Agreements for the sale of Valley Township’s water and wastewater systems, Royersford Township’s wastewater system (which are both expected to close at the end of 2020 or beginning of 2021) and the Delaware County Regional Water Quality Control Authority’s wastewater system – which is the largest wastewater asset sale in Pennsylvania history.
Tom Wyatt chairs the municipal infrastructure and services practice area. He represents local governments and municipal authorities with infrastructure related matters, such as regulatory compliance, bulk sale and services contract negotiations and water and wastewater system purchases and sales. Tom’s close collaboration with municipal solicitor’s and significant practical experience as counsel to municipalities relating to a PUC application under Act 12 and relating to the PA DEP make him a trusted advisor in preparing witness testimonies and drafting water and wastewater planning documents. Beyond his municipal infrastructure and services practice, Tom represents individuals and corporations in business and finance, and corporate governance matters.
Michael Thom focuses his practice on transactional matters, including water and wastewater system purchases and sales. Mike’s experience in public and private finance, as well as with easements, rights-of-way and property matters allows him to advise municipalities and authorities on pertinent issues when analyzing water and wastewater transaction documents. In addition to his municipal practice, Mike represents individuals, groups and organizations in banking, real estate, corporate and private securities matters.
Kimberley Farmer focuses her practice on corporate law, business law and commercial real estate transactions. Her work includes business formation and development; mergers and acquisitions; and loan and refinancing transactions.
If you are interested in learning more about Pennsylvania’s Act 12 valuation process or exploring the sale or purchase of water and/or wastewater assets throughout the Commonwealth of Pennsylvania we encourage you to reach out to our Municipal Services team for more information.