City officials agreed on a final payment plan for the reconstruction of Ann Street Plaza Tuesday, officially settling a payment dispute between the city and developer Kris Elliott.
During Tuesday’s East Lansing City Council meeting, council members approved a settlement plan by a 4-1 vote that outlines a reimbursement schedule for the $420,000 reconstruction project.
The original plan was for Elliott to complete the reconstruction of the plaza, but the city took him off the project last summer when he failed to finish it in a timely manner.
“In order to get it (the plaza) done the way we thought it should be done, we decided to take it over and pay ourselves back with their taxes,” City Manager George Lahanas said in a previous interview. “Basically, we funded some of the money to make sure that we got the product we wanted and that it was done on time.”
Under the agreement, Elliott will contribute another $55,992 to the project, bringing his total commitment to $275,000. Until the rest of the project is paid off, the city will capture 70 percent of taxes on the nearby St. Anne Lofts development.
Councilmember Vic Loomis was the only council member to not vote for the settlement.
“I think this was a good resolution,” Councilmember Kathleen Boyle said during the meeting. “I look forward to the final pieces being done, but it looks much, much better now.”
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