SJW Corp. (SJW) Enters Settlement with ADOT; Sees Net Gain on Property Condemnation
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SJW Corp. (NYSE: SJW) disclosed the following in a U.S. SEC filing on Friday:
Item 8.01: Other Events.
As previously disclosed in SJW Corp.’s Form 10-Q for the quarter ended June 30, 2016, SJW Land Company (the “Company”), a wholly owned subsidiary of SJW Corp., was notified by the Arizona Department of Transportation (“ADOT”) in 2015 that in order to achieve their plan to develop a new highway extension, ADOT, in conjunction with the Federal Highway Commission, would be exercising their powers of eminent domain to acquire the Company’s warehouse building located in Phoenix Arizona. The Company reached a settlement with ADOT of $20 million on the property value. Title to the property transferred to ADOT on October 13, 2016 upon the recording of the court’s Final Order of Condemnation. SJW Corp. expects to record a gain, net of tax and expenses, on the property condemnation of approximately $5.8 million in the fourth quarter of 2016.
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