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Corporate Restructuring for American Electric Power

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American Electric Power, an electric utility based in Columbus, Ohio, retained NSI to assist with the process of preparing their real estate assets for transfer pursuant to a corporate restructuring initiative, which was, in part, driven by the Federal Energy Regulatory Commissionís Order No. 2000, which calls for the business of transmission to be separate and independent from market participation, and various State directives. This restructuring initiative call for over 200,000 properties to be reassigned to newly formed subsidiaries (i.e. Transmission, Generation, Distribution) in a portion of AEPís 11 state territory. At the outset of the project, AEP was aware of the assets that needed to be transferred but the real estate records for those assets were intertwined with other assets that would be retained, or had not been catalogued so that they could be transferred.

To assist AEP with this project, NSI supplied a team of real estate executives who worked onsite at the AEP facility in Gahanna, Ohio to identify and catalog those properties to be transferred to the new entities. NSI personnel analyzed deeds and site plans to identify those rights that were to be transferred and assisted in preparation of new deeds and easement documents to effectuate the transfer under the newly established subsidiaries. NSI personnel also worked with county recorders to prepare for the filing of the transfer documents.

Simultaneously, NSI provided a team of professionals who began the process of converting AEP's existing right of way records into digital format, and capturing information on each record for inclusion in a database. Using this database, NSI was able to catalog and quantify the records and organize them into appropriate groupings for filing with the counties. Additionally, using this record set, NSI was able to identify gaps in the records and obtain new copies from the recorders office for inclusion in the dataset.

Not only was NSI able to provide the necessary personnel and expertise to facilitate this unique one-time project, a by-product of NSIís efforts is that AEP now possesses a much more comprehensive record set and can more easily manage their existing land rights. Additionally, AEP was able to utilize the scanned images captured by NSI and incorporate them into their internal database record system. As a result, records are easier to retrieve and the information can be backed up on a regular basis, thereby providing security for the real estate information assets.

For more information, or to find out how NSI can provide similar services for your organization, please contact: Russell Turner

 

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