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Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced today that the Company entered into a binding agreement with San Bernardino County, Santa Margarita Water District ("SMWD") and Fenner Gap Mutual Water Company to provide priority rights to water supply from the Cadiz Water Conservation and Storage Project ("Cadiz Project") to public water systems serving San Bernardino County communities.
The new agreement, approved first by the San Bernardino County Board of Supervisors on October 24, 2023, amends the 2012 Memorandum of Understanding ("MOU") between Cadiz, the County and SMWD governing groundwater management for the Cadiz Project in the eastern Mojave Desert. The amendment requires Cadiz to offer binding agreements for water supply from the Cadiz Project to public water systems serving San Bernardino County residents prior to exporting water for beneficial use outside of San Bernardino County.
Additionally, the amendment dedicates 25,000 acre-feet of water supply from the Cadiz Project to disadvantaged communities in the Mojave River region or any other County community expressing a need for new, long-term water supply. As of this date, the Company is aware of five public water systems serving cities in San Bernardino County that have expressed intent to receive water supply from the Cadiz Project.
The amendment, which was approved by all parties to the MOU as of November 1, 2023, will have no effect on existing binding agreements for water supply from the Cadiz Project.
Posted In: CDZI
