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Monaco Coach Corp. has bought four homes in the residential development next to its Coburg, Ore., manufacturing complex apparently as a result of the out-of-court settlement it reached with some neighboring homeowners a year-ago, according to The Register-Guard of Eugene, Ore.
Neither Monaco nor the homeowners involved in the lawsuit could comment because a confidentiality agreement that is a part of the settlement, the newspaper reported.
However, the Register-Guard quoted a homeowner who was not a lawsuit plaintiff who said that Monaco agreed to buy plaintiffs’ homes at fair market value if the homes are put up for sale and do not sell during a specified period of time.
The lawsuit was filed in February 2001 by several owners of homes in the 14-lot Coburg Commons subdivision immediately south of Monaco’s production facilities. The homeowners wanted $33 million in damages to compensate for the paint fumes from Monaco’s paint booths.
So far, Monaco has bought four homes for “more than $756,900,” the Register-Guard reported.
Shortly after Monaco and the homeowners agreed to the settlement in October 2001, Monaco bought one home for $170,000, which it then sold for $160,000 in August, the newspaper reported, citing Lane County, Ore., public records.
Monaco bought another home for $209,748 in September and it is seeking $209,900 for that property, the newspaper said.
The settlement also required Monaco to invest around $2 million to buy and install gas-fired burners to incinerate its paint booth fumes. The incinerators were installed earlier this year, the Register-Guard said.