Settlement announced in RIB lawsuit

Tonight, the Selectmen announced a settlement in the RIB lawsuit.  I missed the actual announcement, but will be sure to tune in to the replay tomorrow, and try to get a copy of the agreement through right-to-know  I’m told that the essential deal that was announced is a cash settlement of $7.5 million payable within 90 days.

When asked if the funds would be used to repair the existing RIB site, the response was that alternative disposal methods are being explored by Underwood Engineers.  Presumably, the cash settlement will be used to pay the legal fees and to retire the outstanding debt on the RIB project. 

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One Response to Settlement announced in RIB lawsuit

  1. suzanne ryan says:

    You presume that the Board will retire the debt, let us hope so, that would be a wash (maybe)
    but we are still left with (according to our Atty statement in court) a site that has to be abandon..
    However, IF
    there is a way the Dept of Revenue will accept, I think they will use some portion ofsettlement
    to remiadate the site….
    there is no way that the Board will want to come back to the voters for money to do that.
    Keep in mind that the account is a Enterprise fund account and has some different practices..they
    will have to determine soon as the Board will be starting to prepare the 2015 budget.
    The orginial bond amount according to page 43 of the 2009 Town report was……
    5,820,364 principal with interest of 2,045,344 PLUS 2nd Bond of
    State share Ineligable Cost of RIB project also Bonded of 793,000 principal
    with interest of 159,311….wounder if the interest we have paid thru 2014 was included in the settled figure …
    as noted above …wash maybe close….but sure is better than dragging on a legal battle, as one tax
    payer I am glad it is settled..
    Bob, to your point ofall this was informing the public..
    I noticed at last nites BOS meeting that the Town Manager was very forthcomming with
    information about Fairpoint serving the town and the lawsuit pending….to bad same was not done for RIB suit ….
    thanks for keeping the public informed as best you were able…
    Suzanne

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