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AEP Paying 3 Times Value To Avoid Suits

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Junior Member
Feb 20, 2002
American Electric Power Co. Inc. of Columbus, Oh., the biggest utility in the U.S., came up with a creative solution for complaints about its environmental record for its operations in the small town of Cheshire, Oh. Faced with charges by the Environmental Agency for violating the Clean Air Act in Cheshire, America Electric recently agreed to acquire the town for $20 milion. Over the summer, Cheshire's 221 inhabitants will pack up and move elsewhere pocketing checks from American Electric for three times the value of their homes. In return, the residents have agreed never to sue the power company for property damage or health problems. I wonder how they are coming up with the homes values?

This sounds like a nice assignment for some of you OH appraisers.

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