The Idaho Public Utilities Commission has approved the sale of the Troy Hoffman Water Corp. to Dalton Square LLC, a light industrial property and residential apartment rental company based in Coeur d’Alene.
The Troy Hoffman Water Corp, formerly owned by Brentwood Park LLC, serves about 144 customers in Coeur d’Alene. Dalton Square, the buyer, is owned by Ron Stadley and Ken Murren.
According to the commission, the purchase price for the water company was $65,000. The Troy Hoffman Water Corp will retain its name, and the cost to acquire the company cannot be included in customer rates.
Dalton Square co-owner Stadley has served as water master for the Troy Hoffman Water Corp since 1995, and the commission signed off the deal because the company and its management team have the “operational expertise and financial wherewithal to meet the present and future needs of the water system.”
Though the actual sale – a transfer of stock – took place on April 1, 2009, the commission was not notified until November. Commissioners made note of the delay in notification, but found that “no harm occurred to customers” during that period.
The change of ownership is effective immediately, and the commission is requiring the company to update its tariffs, rate schedule format, rules summary and billing and collection documents to comply with current commission rules and regulations.