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Board approves $550,000 settlement and 20‑year lease to end 99‑year easement dispute
Summary
Tampa Bay Water approved a pre‑suit settlement with Plymouth Plaza that terminates a 99‑year parking easement in exchange for a $550,000 payment and a proposed 20‑year lease for 75 spaces at $75 per space (CPI‑adjusted), contingent on occupancy and engineer certification by April 1, 2025; vote passed 7–1.
Tampa Bay Water directors approved a pre‑suit settlement intended to resolve long‑running disputes over a collapsed stairwell and an existing 99‑year parking easement with Plymouth Plaza. Staff described the settlement as a one‑time payment of $550,000 and the termination of the existing easement in exchange for a new 20‑year lease for 75 spaces at $75 per space, with CPI adjustments and conditions tied to a certificate of occupancy and an engineer life‑safety certification by April 1, 2025.
"The terms of the settlement that are being brought to you for consideration would be a 1 time payment of $550,000 in resolution of all claims and also would result in the termination of that parking easement agreement," staff counsel said. Commissioners debated insurance coverage of the original contractor, whether the authority should pursue litigation, and the merits of building a dedicated surface parking lot. After discussion, the motion to approve the settlement passed by a vote of 7 to 1; one commissioner said they were not comfortable moving forward without additional information on insurance and historic obligations.
