SPRINGFIELD, Mass. (WWLP) - An arbitration panel has reached a finding in the ongoing dispute over the rebuilding of Cathedral High School and St. Michael's Academy in Springfield.
The Diocese of Springfield announced Tuesday that a Reference Panel voted 2 to 1 that the cash value of the buildings, which were destroyed in the June 1, 2011 tornado, was $39,159,936. They also decided that to replace a building of that sort, it would cost $48,949,920.
The Diocese, which runs the schools, had been in a dispute with its insurer, Catholic Mutual, over the cost of rebuilding. The Diocese had estimated that there was more than $70 million in damage, while the insurer had offered only $15 million.
More than $13 million has already been paid for the damage.
Catholic Mutual has the option to appeal the decision.