Valuing a complex property surplus to a decommissioned power plant
SVS was retained by a regional utility company to value a complex 48-acre property surplus to the decommissioned Shoreham Nuclear Power Plant–with related right-of-way and utility easements–which it hoped to purchase from another regional utility company. The respective parties' appraisals differed by $8.85 million, and the matter was to be settled through arbitration.
SVS worked closely with a team of engineering experts to prepare a thorough and credible appraisal of the property. We explained our findings and our approach during arbitration in a clear, confident manner, and noted numerous flaws in our opponents' methodology–in particular, the fact that they relied on an incomplete and speculative engineering report. The opposing party's valuation was prepared by one of Long Island's largest appraisal companies.
The arbitrator ruled in favor of our client, deeming our methodologies and findings appropriate for this and other similar cases. The utility company has since proceeded with improvements to the site, including two new wind turbines that will generate environmentally sustainable energy.