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Appraisal marks key step in estimating fair value of the utility, potential payout for Sallal members
One of the agenda items scheduled for the October 4, 2022, North Bend City Council meeting is a professional services contract with Terra Property Analytics LLC (Terra). That evening, City Council will vote to approve a contract for a certified, third-party appraiser (Terra) to estimate the value of Sallal Water Association’s assets as they relate to real property, buildings and equipment.
The certified appraiser will estimate the fair, objective market value of the private, member-owned co-op assets that are available and known to the City. This appraised value would inform the price to be offered by the City, which may include the amount of a cash payout that each Sallal member could receive. Sallal customers will be treated fairly and transparently.
If approved, the appraisal marks a key milestone in the intended water system consolidation. This follows an offer made by Mayor Rob McFarland on August 16, 2022, at a meeting of the Board of Directors of the Sallal Water Association, to purchase Sallal for its full fair market value.
The City believes that consolidation is the best option for our community to end the current Sallal moratorium, and have enough water to meet current and future needs while ensuring there is enough mitigation water to support the Snoqualmie River.
While the City is currently taking the next steps to pursue consolidation, the City still remains open to a water supply agreement with Sallal under the terms currently offered.
Learn more about the latest news surrounding the water service options and the City of North Bend water system HERE.