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Diversion Authority approves $20 million cash amendment to implement settlement agreement with P3 developer
Summary
The Metro Flood Diversion Authority approved a $20 million cash-budget amendment to fund payments under a recently executed settlement agreement with the project’s P3 developer; board authorized the transfer from the P3 program contingency and voted to obligate funds immediately.
The Metro Flood Diversion Authority on July 24 approved a $20 million amendment to its 2025 cash budget to implement payments required under a settlement agreement with the project’s public-private (P3) developer. The board voted to obligate the money from the P3 program contingency so the authority can make the payments outlined in the settlement.
The amendment, presented to the board as a budget change request, moves $20,000,000 from the P3 program contingency into the authority’s cash budget. “As was stated earlier, the first $10,000,000 has been paid to the developer per the settlement agreement. There is another $10,000,000 payment that’ll probably come due before the end of the year,” the staff presenter explained while reviewing the request.
The change increases the 2025 cash budget from $427,555,689 to $447,555,689 to cover the two payments. Finance committee review preceded the board vote; the…
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