The town of Paradise has reached a $270 million settlement with Pacific Gas & Electric Corp., for devastating damages that occurred during the Camp Fire.
The settlement is part of a larger payout of $1 billion that PG&E will distribute to local governments in conjunction with the utility company's forced Chapter 11 bankruptcy.
Retired Judge Jay Gandhi drew up the proposal, acting as a mediator. It's expected the money will go to the town's general fund, but will not go toward claims by individuals or businesses.
“The town of Paradise will rebuild, and this is an important step towards our recovery,” Paradise Mayor Jody Jones told the Times Standard. “On behalf of the town, we hope to receive the money as soon as possible so we can put it towards rebuilding our infrastructure and providing those necessary services for community resiliency.”
In May, Cal Fire concluded that the Camp Fire was sparked by a PG&E high-voltage power line. The fire killed at least 85 people, burned more than 150,000 acres, destroyed over 18,000 structures and caused around $16 billion in damages.