Indiana Court Calls Protection of Private Property "Tenet of American
Life"
BRYN MAWR, Pa.--(BUSINESS WIRE)--
The Indiana Supreme Court today ruled that government does not have the
unchecked right to determine the value of private property taken for
public use, and that an Aqua America subsidiary is entitled to have the
fair value of its infrastructure established by a jury.
The case involves infrastructure that served a portion of Fort Wayne and
Allen County, Indiana. The City of Fort Wayne condemned the water
utility in 2002 and unilaterally established a purchase price based on
two appraisals that it commissioned. Aqua appealed this decision and
sought to have the ability to present its view of the value of the
property seized by the taking and requested that a jury decide what the
fair value of the property was at the time of the City's use of eminent
domain. Today, the Indiana Supreme Court agreed with Aqua's positions
and allowed it the ability to present its side of the story.
Aqua America Chairman and CEO Nicholas DeBenedictis said the company is
considering its options and hopes to avoid returning to court.
Nonetheless, the decision justifies its persistence. "Although we don't
normally sell assets," DeBenedictis said, "when we do, we will fight to
get fair value."
Aqua America's corporate counsel Christopher Luning said the company is
pleased to have played a role in establishing case law that gives vital
protection to land and property owners. "The highest court in Indiana
has rendered a national victory for private property rights. It assures
citizens have a voice in such a powerful use of government authority,"
Luning said.
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities and serves almost 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, and
Georgia. Aqua America is listed on the New York Stock Exchange under the
ticker symbol WTR. Visit www.aquaamerica.com
for more information.
WTRG
Aqua America, Inc.
Justin Pizzi
Director, Communications
610-520-6308
484-868-5032
jcpizzi@aquaamerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1095
484-368-4720
bjdingerdissen@aquaamerica.com
Source: Aqua America, Inc.
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