SAN ANGELO, TX – The City of San Angelo announced on Tuesday, March 17 the sale of 864 acres of Ford Ranch in the amount of $1,296,000 or $1,500 an acre.
According to a press release, the ranch was originally purchased by the City for approximately $44 million or $1,350 an acre.
As conditions of the sale, the City will retain full rights to the Hickory Aquifer and 50 percent of the minerals on the property.
The sale was awarded to Riverbend, Texas, LLC and High Point Ranch Expansion, LLC. Also included in the sale is an option period of 30 days to purchase an additional 400 acres of land at the same rate of $1,500 an acre and with the same stipulations.
The 864 acres cannot be divided into more than three total tracts. No disposal wells, hydraulic fracking or water flooding will be allowed.
The purchased land is in the southeast corner of the 32,841-acre property. Ford Ranch is located in Melvin, Texas.
In November 2017, the San Angelo City Council approved the purchase of the ranch, from which the City pumps water from the Hickory Aquifer. Once the ranch was marketed for purchase, the Council determined that buying the property was the surest avenue for protecting San Angelo’s stake in the Hickory, along with the $120-million investment made developing the aquifer as a source of drinking water.