Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Developer Reimbursement topic
No spam. Unsubscribe anytime.
Agency confirms $871,599.95 reimbursement for Eagle Ridge project
Summary
The board authorized confirmation of reimbursement to Eagle Ridge Project LLC for $871,599.95 and approved a release that reduces the reimbursement by amounts previously paid to an original developer; the reimbursement request had been reviewed and signed off by the development team.
The Idaho Falls Redevelopment Agency on May 21 approved confirmation of reimbursement to Eagle Ridge Project LLC in the amount of $871,599.95.
Megan explained the reimbursement request had been reviewed and that because prior underground improvements in South Utah had been reimbursed to the original developer, that amount was deducted from the current reimbursement figure. She described release language included with the confirmation as "intended to be a complete release by the developer of past, present, or future claims" related to reimbursable items, and said the development team had signed off on the number.
The board motioned, seconded and unanimously approved the confirmation and authorized the chair to sign the confirmation documents.
Staff indicated the reimbursement package and release language are intended to protect the agency from later claims for the delta between amounts reimbursed to the original developer and amounts sought by the current participant.
