The St. Johns County Commissioners voted today to approve the acquisition of Intercoastal Utilities for $24.5 million.
The utility serves 4,500 customers in Ponte Vedra Beach and the county is acquiring it through an eminent domain process. The utility was recently appraised at $24.5 million.
That price includes legal fees for the utility company. In an eminent domain process, the acquiring agency, in this case the county, pays the seller's legal fees.
The county will finalize the acquisition in December.