Thursday, April 18, 2013
Carroll County property tax records shows that Southeast Electric Power Co. (SWEPCO) paid an eye-popping price of $600,000 for pastureland on Hwy. 143 that was purchased for a proposed Kings River Station at the end of a 48-mile long new 345 kilovolt (kV) transmission line proposed from the Shipe Road Station under construction in Centerton to the Kings River.
The vacant parcel of land comprising 38.6 acres sold January 30, 2013. A real estate expert said pastureland in the county normally sells for from $2,500 to $4,000 per acre. The price SWEPCO paid amounts to $15,544 per acre.
“They aren’t getting that much per acre for Highway 62 frontage in Berryville,” the source said. “I’ve never seen a piece of property in Carroll County sell for that much. It is way, way out of line.”
The land was sold to SWEPCO by local real estate agent Todd W. Summers. Land records show the parcel was part of 117.67 acres purchased by Summers for $430,000 in March 2, 2006, which works out to $3,675 per acre.
The Kings River Station would cost about $20 million, according to SWEPCO.
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