Durham Public Works: Most failed-development problems cleared up
By Ray Gronberg, The Herald-Sun, Durham, N.C. | |
McClatchy-Tribune Information Services |
That's a small amount compared to the
But an estimated
The case affects two unfinished subdivisions,
Still,
"This is nice progress," Councilman
The issue surfaced as a major concern for city officials in 2009, when it became apparent that a good number of developers who'd started projects before the crash either had or would go bust without finishing their infrastructure.
That left Public Works and the city attorney's office to pick up the pieces, first by calling in the completion insurance they had had required developers to buy.
They've also worked with banks left potentially on the hook for foreclosure-related expenses, helping line up new developers to take over and finished many affected subdivisions.
"We've worked very hard to be outside the box on a lot of these," Joyner said. "Each one is a new adventure."
Stone Hill and Ravenstone have been special cases from the start, mainly because of the size of the two subdivisions. Between them they include about 600 homes, Joyner said.
And in their case, two insurance companies have balked at paying, arguing that the city is requiring more work than their policies were meant to cover. The dispute landed in federal court in 2011, and it's far from clear when the litigation will end.
A federal magistrate judge,
"Far as I can tell, we're still waiting," Senior Assistant City Attorney
The insurance companies have dropped a request that Auld force the city to settle the case for a once-offered
City lawyers in late 2012 told Auld they want
___
(c)2014 The Herald-Sun (Durham, N.C.)
Visit The Herald-Sun (Durham, N.C.) at www.heraldsun.com
Distributed by MCT Information Services
Wordcount: | 507 |
West Virginia State University Foundation Elects Officers, Directors
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News