The Auditors' Report states that:
"...[T]he amount DOT paid was in accordance with the Federal regulations governing property acquisitions that are made using Federal funds. The amounts paid were supported by appraisals prepared by independent appraisers that DOT hired. The appraisers were hired to determine the fair market value based on the amount of damages that Aetna would suffer from the taking of the properties. That should not be confused with estimating the fair market value when there is a willing seller and a willing buyer, which in this case would most likely have been considerably less. DOT reviewed the appraisals and made its initial offers to Aetna, totaling $5,630,000, as required by the Federal regulations. Aetna refused the initialoffers, but subsequently ended up accepting them."
Read the Auditors' full report here.
RSS Feed