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Freeport council tables EDC settlement to finish six-house Skinner Street project, requests clearer contract terms
Summary
After a lengthy mediation briefing and heated exchange over ownership, curbs, drainage and timing, the council voted to table approval of the EDC settlement that would allow lenders/developers to finish six houses and pay for associated street work; council asked for defined scope, enforceable consequences and proof of funds.
The Freeport City Council on Feb. 17 tabled consideration of a proposed Economic Development Corporation (EDC) settlement intended to finish a stalled six-house project on Skinner Street, saying the document needs clearer contract language on scope, timing, drainage and liability.
Pat Zvezda, the mediator appointed to the case, told the council the parties signed a confidentiality waiver so he could speak about the process and that "all the parties came together, went through the mediation process" to reach a compromise intended to avoid litigation. Herman Torres, managing member of GL and L Holdings, said his group — which he described as both a lender and developer — has paid for permits and has already invested in two house foundations. "We are the lender and we are the developer," Torres said, adding that his team would provide proof of funds by Friday and is willing to…
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