The Town of Queen Creek has made significant progress in securing its water resources by using the sale of Certificates of Participation (COP) to finance a historic water acquisition from Harquahala Valley. The COP sale, which took place on January 15, was reported by town officials to have produced favorable outcomes, supporting the town's long-term strategy to diversify and secure its water supply. In an official statement, Deputy Town Manager and Finance Director Scott McCarty highlighted that "The first 30 years were more favorable for the Town and the last 10 years were slightly less favorable than anticipated - ultimately it was a net positive for the Town."
To further validate the viability of the water purchase, Queen Creek has conducted a hydrology study confirming that the Harquahala Valley basin is capable of reliably providing 8.2 million acre-feet of water over the next 100 years. The transaction, facilitated through the COPs, which amount to over 1.2 million acre-feet at a cost not exceeding $250 million, aims to significantly reduce the reliance on local groundwater—an expensive resource to replenish and one that must comply with the 1980 Arizona Groundwater Management Act. This initiative is also intended to help the community transition toward greater water self-sufficiency.
Queen Creek's proactive approach has also garnered positive recognition from leading credit rating agencies. Both Standard & Poor's and Fitch Ratings assigned a 'AA' rating to the town's COP, with its Issuer Credit Rating (ICR) affirmed at 'AA+', just one level below the highest possible rating. This stable outlook highlights the fiscal responsibility supporting Queen Creek's water strategy. Mayor Julia Wheatley reflected on the town's progress, noting that the first purchase from Harquahala took seven years and played a key role in securing this unique water asset.
The effort to secure additional water sources goes beyond a financial strategy; it marks an important step toward reducing reliance on regional groundwater replenishment programs. Currently, many of Queen Creek's water customers contribute to the Central Arizona Groundwater Replenishment District (CAGRD) through fees included in their property tax bills. With an anticipated shift in early 2027, the town plans to implement its own resource fee, which would eliminate the CAGRD assessments for residents. This change aims to distribute costs more evenly across all residents while supporting the town's water management and self-sufficiency initiatives.
Becoming a designated water provider represents another key milestone in Queen Creek's growth, comparable to past achievements like the establishment of its fire and police departments. The town's dedication to a reliable and locally controlled water future is rooted in its significant investment in regional water assets, which is expected to deliver both financial and environmental benefits over time. This forward-thinking approach positions Queen Creek as a leader in municipal water management, offering a model for other communities facing similar challenges related to water resource management in an era of shifting climate patterns and growing demand.
