Deadline looms for Parker House insurance settlement

Published: Thursday, June 12, 2014 at 11:11 AM.

The option would forfeit the possibility of additional rent reimbursement, but would put the situation behind the council, allowing them to move forward with construction of a new city hall.

Arbitration is another route that would have three appraisers placing a value on the claim with the highest two averaged into a final non-negotiable number.

That would be a gamble for the council as they face the potential to walk away with less than the $750,000 currently on the table.

The final option is to hire Moniz to file suit against the insurance company in order to get the rent funds reimbursed, but it would be costly to do.

“It may not be a financially-sound decision,” said Mullen.

Mullen asked councilmembers how much money they were willing to invest in order to reap more money. He said the negotiation process had already become an “investment of time.”

During the council’s regular meeting, Mullen told the public that a special meeting would be held on or around July 1 to make a final decision on the settlement.

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