Waterford — Since 2005, Waterford officials have had the chance to buy Miller’s Pond, a privately owned, 80-acre body of water near Interstate 395.     

On Saturday that option will expire, and the property’s fate is no clearer.

Waterford’s Schact family, which owns the property and Miller's Pond LLC, has been trying to sell the pond for use as a local water source for decades.

The family’s corporation sued Waterford, New London and the two municipalities’ water authorities for allegedly violating the Connecticut Antitrust Act in 2000 as part of a dispute over the future of the pond.

In connection with a 2005 settlement in that case, Waterford was given a 10-year option to buy the property. 

That option expires Nov. 21, and the town’s Utility Commission has decided to let the deadline pass without taking action.

Utility Commission Chairman Peter Green said he told Waterford First Selectman Daniel Steward two months ago that the commission would not recommend that the town purchase Miller’s Pond.

The construction of water lines between Groton, Montville and Waterford, which can be opened in case of an emergency, eliminated the need for an additional water source for Waterford, Green said Thursday.

“From our perspective, anyway, we don’t see its usefulness for the Utility Commission,” he said. "It's an entirely different situation than it was back when the offer ... was made."

Steward said he accepted the commission’s decision that now is not the time, and the $5 million option was not the price, for the town to own Miller’s Pond.

“It’s always valuable to keep water sources in your back pocket,” Steward said Thursday. “What we’re saying ... is (that) it isn’t a need right now. Down the road, is there a need for it? Absolutely. But at this point in time, and at the price tag, we’re not so sure there is the need.”

Waterford residents buy their water from New London as part of a 40-year agreement the two municipalities signed in 1988. The city owns Lake Konomoc in Waterford, and transports water from the lake through Waterford and New London.

The Utility Commission’s members have argued that Waterford’s deal with New London, along with the connection to Groton water sources, will provide the town with sufficient water for the foreseeable future.

But, that arrangement may not hold up forever, the Schacht family argues, and they say Waterford should consider other potential water sources for the town.

Miller's Pond could supply up to 1.5 million gallons of water a day if it were used as a public water source, Southeastern Connecticut Water Authority officials have said.

The Utility Commission’s decision to let the option expire doesn’t necessarily prevent a future deal between Miller’s Pond LLC and the town, Robert Schacht, a managing member of the LLC, said Thursday.

“We’re not closing the door to the town,” he said. “But if the town were to approach us with some interest again, we would want to see some real good faith on the part of the town.”

The family has explored various options for selling the property on the private market, though Schacht said currently there are no prospective buyers.

“We’re the kind of people who will explore all of our options,” he said. “Our first priority would be to try to be good stewards of the property, and to make sure it’s protected as a resource.”

But, he said, younger generations of the Schacht family haven’t expressed interest in continuing the 60-year fight to find a buyer for the pond, and time is running out.

“We might end up in a position where it just has to basically be sold,” he said.

m.shanahan@theday.com

Twitter: @martha_shan