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Diversion Authority finalizes $57 million settlement, approves ICE advance amendment
Summary
The Metro Flood Diversion Authority on Dec. 18 approved a definitive settlement and related contract amendments that finalize a previously agreed $57,000,000 settlement and raise the ICE advance facility cap to $90,000,000 to address a calculation issue and support pay‑unit cash flow.
The Metro Flood Diversion Authority on Dec. 18 approved a definitive settlement and related contract amendments that formalize a previously negotiated $57,000,000 settlement with the project's public‑private developer and amend the project payment facility to correct a calculation and raise the ICE advance cap to $90,000,000.
John Shockley summarized the agreement for the board, saying the settlement was structured “to resolve all known and foreseeable claims as of the date of the settlement” and that the…
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