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Friday, September 30, 2011
Ind. Courts - Greene County approves final BANs courthouse refinance payment
Updating this June 23, 2011 entry headed "Settlement offer is on the table in 8-year-old courthouse project legal fight," Nick Schneider, Assistant Editor of the Greene County Daily World reported Sept. 28th:
The Bank Anticipation Notes (BANS) taken out in March 2010 to refinance a $4 million portion of the courthouse building and renovation project will now be paid off -- thanks to proceeds received from the county's lawsuit against a contractor, engineers, and an architectural firm.On Monday, the Greene County Council authorized the payment of $300,000 from the Rainy Day Fund to help pay off the remaining $2,473,554 balance on the BANs account with MainSource Bank.
In June, the county settled its long-standing courthouse lawsuit with a $6,532,000 out-of-court agreement in Owen Circuit Court.
Under terms of the agreement, United Consulting Engineers, DLZ Indiana LLC, Alt & Witzig Engineering, Inc., Weddle Brothers Construction Company, and Beaty Construction Company were ordered to pay Greene County $5,454,000, which included a $2,954,000 cash payment before July 15.
DLZ Indiana will pay another $2,500,000 promissory note over a five-year period with an additional $310,000 in interest (4 %).
County Auditor Matt Baker pointed out that the county is receiving $138,000 every quarter as part of the settlement agreement.
From this money, the council intends to repay the money appropriated from the Rainy Day Fund.
"This will wipe it (the BANs) off," a relieved county council president John Wilkes stated.
The construction project has been substantially complete since mid-2008, but the lawsuit originated in 2004.
Posted by Marcia Oddi on September 30, 2011 10:04 AM
Posted to Indiana Courts