City of Bremerton Settles Harborside Condo Dispute with County
By Admin
From the Kitsap Sun:
On Wednesday, Bremerton City Council members and county commissioners agreed to settle a $2 million dispute between the two governments related to the Harborside Condominium project in downtown Bremerton.
With help from a mediator, the two sides agreed that the city will pay $1.15 million to Housing Kitsap, the agency that built the downtown condos.
County commissioners approved the agreement Wednesday following an executive session. So did the city council, on a 7-1 vote.
In 2005, Kitsap County agreed to guarantee a $22 million loan for construction of the white condos that dominate the western shore of downtown Bremerton’s waterfront. The city agreed to provide Housing Kitsap, then known as the Kitsap County Consolidated Housing Authority, with a $2 million loan if the county ever had to make good on its guarantee.
In 2009, when it became clear that the housing authority would be unable to pay its debts, the county took out a $40.5 million loan to restructure the condo debt and put the housing authority in a more secure financial position.
The county contended that Bremerton was still required to come up with its $2 million, but the city argued that since the new loan was secured without consulting the city, the old agreement was void.
The city and the county negotiated for months, finally agreeing to a mediated settlement orchestrated by former King County Superior Court Judge Robert Alsdorf.
The agreement calls for the city to pay its portion by June 1. Neither side admits liability and there is a clause in which the city expresses thanks to the housing authority and the county for their efforts in revitalizing Bremerton’s downtown.
Read more: http://www.kitsapsun.com/news/2011/may/11/bremerton-kitsap-county-reach-settlement-on/#ixzz1NfFSSy89
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