One piece of Traer Creek settlement complete
AVON – Months after announcing a settlement agreement for a long-running lawsuit, one element of that suit will be settled this week.
The Avon Town Council Tuesday voted 5-1 to approve a settlement that clears the way to finance and build a 2-million-gallon water storage tank north and east of the Interstate 70 interchange at Post Boulevard.
Mayor Rich Carroll was absent Tuesday, and Mayor Pro Tem Kristi Ferraro voted against the deal, saying it further delays repairs to wetlands that should have been completed years ago.
Explaining the agreement, town attorney Eric Heil said the Village at Avon will pledge the first $500,000 in sales tax revenue to the project.
That money will go to the Upper Eagle Regional Water Authority, which will build and pay for the tank. The agreement states the water authority will have first position in any demands on Traer Creek funds, over BNP Paribas, which has a financial stake in the project. The town also agrees to commit its tax credits from the Village at Avon to the water tank project.
While the town and the Traer Creek Metropolitan District have now voted to approve that part of the settlement, other parties to the agreement are expected to sign off on the deal through this week.
The water tank is a crucial part of the entire Village at Avon development. Water from that tank is required for any residential building to take place, along with other commercial development.
While the water tank is a key first step in settling the long-running lawsuits between the town and Traer Creek, Heil said that there are “a good half-dozen” elements that need to be finished before the entire package is complete.
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