Greenwood-based Indiana American Water has announced the acquisition of the water and wastewater systems for the town of Sheridan. The company says the nearly $11 million deal will add more than 2,500 water and wastewater customers to its base.
Indiana American Water President Deborah Dewey says the acquisition will "help hold rates down for Sheridan customers as needed investments are made and also provide access to operations and capital management water professionals and a number of customer service options." She says the deal is a good fit because the company already provides the same services to communities near the Hamilton County town.
Sheridan Town Council President David Kinkead supports the deal, saying the town has been working to address pressing local infrastructure needs and other community priorities.
"This acquisition will help us to address these concerns while also providing future rate stability by keeping our rates lower than they would have been under municipal ownership, paying off our existing utility-related debt, and generating additional property tax revenues," said Kinkead. "We appreciate the experience, knowledge and resources that Indiana American Water brings to the table and look forward to working with them as this partnership begins."
The acquisition was approved by the Indiana Utility Regulatory Commission in September. The Sheridan systems will be incorporated into Indiana American Water’s Kokomo district.