Akron will pay
With construction, which took longer than expected, finally complete on the
"The idea is to insure against a very large, catastrophic event that would take the tunnel out of service and require tens of millions of dollars to repair," Akron Finance Director
Council was poised Monday night to allow the mayor to purchase the hefty insurance policy.
But the tunnel is too big to squeeze into any of those plans.
"The reason why we are getting a separate policy is because of the unique nature of this asset that the city has built. It doesn't really fall under any of our existing policies due to the high value of the asset and its unique operation," Fricker said.
In the first year, the city will pay an annual premium of nearly
Horrigan said he's still negotiating another change to that agreement that would eliminate the need for a second, slightly smaller tunnel that would run the length of North Hill.
"Hopefully this is the first and only tunnel as work for a modification to that consent decree," Horrigan said.
Citing the delay in completing the OCIT tunnel project, federal Judge
(c)2020 the Akron Beacon Journal (Akron, Ohio)
Visit the Akron Beacon Journal (Akron, Ohio) at www.ohio.com
Distributed by Tribune Content Agency, LLC.