Carriage City settlement still not executed

Carriage City Properties (CCP) still has not finalized or executed the settlement agreement with the Redevelopment Agency, attorney Frank Regan told commissioners during their meeting earlier this month. The Redevelopment Agency approved a settlement at its meeting in May. (For details on the agreement, see this earlier post.) A representative of Carriage City Properties had no comment.

The Redevelopment Agency’s attorneys have been in contact with the bank that financed the project to discuss the outstanding issues with Carriage City, Regan said. The agency has provided the bank and its attorneys with information regarding these issues and they expect to discuss them further with the bank early in the new year. City Administrator and Redevelopment Director Peter Pelissier said three months ago that they would reach out to the financing bank if CCP had not responded.

Asked whether the the matter could end up in litigation, Regan said that while that remains a possibility by the agency, the bank has expressed a willingness that it and Carriage City want to work within the RRA to address the concerns.