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Approve the Negotiated Settlement with Reed E. Venrick for PRWC Parcel Number 10016 Permanent and Temporary Construction Easements (Action)
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DESCRIPTION
Following negotiations between the PRWC and the Attorney representing Reed E. Venrick, the PRWC reached a monetary settlement regarding the easements (10016 PE and TCE) needed on the Venrick property (Exhibit A).
Pursuant to the negotiated terms, Mr. Venrick will receive $198,000 for a permanent easement (0.468 acres) and a temporary construction easement (0.099 acres). The PRWC appraisal update amount for the permanent and temporary construction easements was $91,450. Mr. Reddick (through his attorney) initially countered at $396,000. After a series of cost exchanges, a settlement was reached at $198,000, which is $106,550 above the appraised value. The increase in the amount of compensation provided to Mr. Reddick above the appraised value is considered reasonable and appropriate for a future commercial property also impacted by potential local ordinance set-backs and restrictions on utility placement due to the PRWC Transmission line.
The PRWC negotiated owner expert fee invoices in the amount of $15,312. Statutory attorney fees mandated under Florida law are $35,161.50. The total cost for the easement is $248,473.50.
The negotiated settlement has numerous benefits to the PRWC as outlined below:
1) The settlement is $198,000 less than the owner's opinion of compensation;
2) A jury trial was avoided, which would have exposed the PRWC to an additional estimated $100,000-$150,000 in costs;
3) The PRWC transmission line can remain as designed despite impacts to a potential commercial property in a fast-growing are of Polk County.
This settlement was negotiated and settled by The PRWC's eminent domain attorney (Policastro Law Group) with the property owner's attorney. Four easements (10016A, 10016B PE and 10016A, 10016B TCE) were acquired from Reed E. Venrick by an Order of ...
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