The City Council on Monday will consider spending $500,000 on one of several outside law firms hired to navigate what remains of the complex litigation that followed the disastrous lease-to-own deal for the downtown high-rise, which still cannot be safely occupied.
They are scheduled to receive updates on lawsuits City Attorney Mara Elliott filed against 101 Ash St. landlord Cisterra Development and its lender and trustee, CGA Capital of Maryland and Wilmington Trust. After two years of litigation, including dozens of hearings and witness depositions and thousands of pages of documents produced in discovery, Judge Joel Wohlfeil granted motions for summary judgment filed by defendants just before the trial was scheduled to begin.
The taxpayer case was critical to the city’s September 2020 decision to suspend its $535,000 monthly lease payments and the subsequent lawsuits the city filed against Cisterra and its lender, Severson said in court papers. Back in 2016, then-Mayor Kevin Faulconer recommended the city lease the 19-story office tower even though his own finance experts told him it would be cheaper to purchase the building outright.
Source: Energy Industry News (energyindustrynews.net)
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