Yesterday, the Construction Authority and Excalibur Property Holdings, LLC agreed to terms for purchase of the remaining privately-held property needed for the maintenance facility. The Metro funding agreement requires control of half of the required real estate before the remaining $527 million can be committed. Yesterday’s agreement brings the Authority’s total to approximately half of the land needed. Meeting this milestone allows the project to stay on budget and on schedule.
As you know, Excalibur – which owns 20% of the total land needed for the facility - has initiated several lawsuits against the Construction Authority over the last year. At the same time, the Authority has initiated eminent domain to acquire its land. All of these actions have been progressing on separate schedules and each has been affecting the other, together creating significant legal and financial risk to the project.
Over the last two weeks, the Authority, Metro and Excalibur representatives have agreed to terms through the guidance of Superior Court Settlement Judge Helen Bendix. As the result of this effort, all lawsuits are settled for $24 million, protecting taxpayer funds by avoiding continuation of costly litigation and associated significant project delays (which we estimate could increase the project cost by well over $100 million). The agreement amount is within the approved budget for the maintenance facility, keeping the project on budget and on schedule.
Gold Line press release
- Brad Haugaard
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