What Is The Real Value Of Water: Waukesha Will Find Out
The City of Waukesha is eyeing a parcel of land for condemnation in the neighboring Town of Waukesha because there is a supply of fresh water beneath the 42-acre parcel.
So how much is it worth?
The City's appraiser and the owner's appraiser are about $1 million apart on their estimates - - nice summary article by Darryl Enriquez in the Journal Sentinel here.
Milwaukee and suburban officials will also have to address this issue if and when sales of Lake Michigan water take place.
At that point, the value added by diverted water to development in the buying community will have to be factored into the price, or the selling community will not receive a share of the full value of the water.
The Waukesha estimates' dispute opens the door to this potentially-thorny issue.
I'm guessing that $1 million will seem like nothing a decade from now.
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