Council approves extra time for research on water company buy-out

By Beau Ebenezer

October 29, 2013 Updated Oct 30, 2013 at 10:52 AM CDT

PEORIA, Ill. -- The council voted unanimously to allow another month to decide whether or not they will buy-out the local water company.

Council members said they need more time to gather financial information regarding a potential buyout of Illinois American Water Company.

Due to a franchise agreement, the City of Peoria has the option to buy the water system every five years.

Council members originally had to decide by early November.

Water company officials said all of the information will give the council a clear answer.

"We support them looking at the information because we feel that at the end of the day when they look at the facts, they will come to the conclusion that it is best to continue having us operate the system," said Illinois American Water Spokesperson Karen Cotton. "We can continue to do what we have done best for over 100 years."

The council is now expected to make a decision by November 26.