AUSTIN — The Lower Colorado River Authority has offered to settle a $1.2 billion lawsuit for $30 million with the San Antonio Water System over a proposed wat er-supply project, officials said Oct. 19.
The SAWS board of directors will consider approving the breach-of-contract settlement offer at a Nov. 1 meeting, a release said.
“Through this settlement, San Antonians will recover a significant portion of their investment in the LCRA water supply project, and avoid ongoing legal fees,” said Robert R. Puente, president/chief executive officer of SAWS.
The LCRA board of directors Oct. 19 agreed to immediately reimburse SAWS $18.8 million and then $1.4 million a year for eight years, a release said. The agreement will officially terminate the contract and end the lawsuit.
SAWS and LCRA also agreed to continue working to secure additional water through joint efforts to benefit both agencies, a release said.