IE Business Daily Business news for the Inland Empire.
A local water district is set to buy land near a lake in Southwest Riverside County.
Rancho California Water District will pay nearly $50 million for the 7,995-acre site at Vail Lake, a popular recreation site, according to a report in The Press-Enterprise.
The district was awarded the property earlier this month in a bankruptcy sale in federal court in San Diego, according to a report in The Press-Enterprise.
Escrow is expected to close by the end of the week.
In anticipation of the sale, the district – which provides drinking water to approximately 140,000 residents in Temecula and several surrounding communities – has hired a security firm to protect the site.
For now, no recreational programs will be shut down, and district officials plan to bring in someone to operate those programs. The district’s board will decide which recreational activities it will keep long-term.
The district owns the 1,000-acre lake, and officials have wanted for years to purchase the property near it, according to the report.
