The City of Peoria has the option to buy the water company every five years, with the next opportunity coming in 2019. Illinois-American Water Company currently provides the service.
A business group called the CEO Council last night reported to the Peoria City Council water rates in Peoria have increased 54% in the last 12 years.
CEO Council spokesperson Tom Fliege says a city owned water utility could mean lower rates and offer growth potential. He points to benefits like no taxes on a municipally owned water department and lower interest rates for the city.
"We believe that Peoria’s long-term interest will be best served by managing our water rates to profit our community. To do that, we believe we must pursue exercising our franchise option at our earliest opportunity. To be absolutely clear, we are not advocating buying the water company sight unseen."
Fliege says there must be an acceptable independent appraisal of the value of the water company before any offer could be made.