Cadiz reaches non-binding key terms with AVEK for water wheeling via Northern Pipeline

CADIZ INC

AVEK board approved key terms for cooperation with Cadiz on wheeling water from the Cadiz Water Project via the 220-mile Northern Pipeline.
Existing contractors include Santa Margarita Water District (up to 5,000 AFY plus 10,000 AFY option) and Salton Sea Authority (5,000 AFY).
Plans to form a Joint Powers Authority to fund pipeline conversion; participating agencies would lease 25,000 AFY at ~$850/AFY (take-or-pay) for 40 years.
Discussions with three additional entities for water sales; non-binding term sheet with AVEK is subject to CEQA review and no obligation.

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