11 hours ago
by Joe Byrnes (WMFE)
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Rick Rademacher, shown speaking at a meeting of the North Sumter County Utility Dependant District, was the lone vote against a $111.8 million price tag for the Sumter Water Conservation Authority. Photo: Joe Byrnes, WMFE
A utility district board in The Villages has agreed to pay $111.8 million for an irrigation and fire protection system serving golf courses, thousands of homes and hundreds of businesses.
Just six years ago, a market-based valuation of the system put its worth at $31 million.
The Sumter Water Conservation Authority is the second part of a deal with The Villages developer. In 2019, the utility board agreed to pay nearly $100 million for a water and sewer utility.