The Million-Dollar Water Heist
A scathing audit reveals that Tacoma taxpayers were bilked out of over a million dollars in a rigged water works acquisition deal.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The million-dollar steal in the water works sale deal was shown up at the city council meeting this evening. Under the direction of the board of public works, an expert has placed the value of the water plant at $740,886.47. The city paid $1,750,000, which the Post-Intelligencer stated at the time was twice its value. Taxpayers are gradually learning that the Post-Intelligencer was right. The discrepancy, or 'steal,' is $1,009,113.53. Besides this, a shortage of $61,000 in pipe has been discovered, as the actual findings of the board are far below Hering's estimates.
“Those who steered the water deal have been trying to force the acceptance of C. B. Wright's indemnity bond... When they bunko this city, I object.”
Public utility ownership has been a flashpoint in Washington for over a century. Just as Tacoma struggled with corporate overreach and missing public funds in the 1890s, modern Seattle continues to grapple with the complexities of public-private partnerships and municipal budget transparency.
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