The Four Lakes Task Force announced on Wednesday that they’ve reached a settlement with Boyce Hydro that could allow them to take control of dams owned by the company.
The task force will purchase four dams from Boyce Company for roughly $1.58-million as part of the settlement, pending a decision from a federal bankruptcy court.
The deal would include the Edenville dam, which collapsed this spring.
Boyce Hyrdo filed for bankruptcy in July.
In a statement, a representative for the Four Lakes Task Force said the deal “is not about the value of the property or fairness, but it is the best deal we could get to allow the community to extract itself from the legacy of Boyce’s ownership.”
Officials sid they are hopeful they can take control of the dams before the end of the year.
Bankruptcy court hearings are scheduled for the end of November.