Port focused on dredging, foreclosure

Published: Thursday, March 21, 2013 at 09:53 AM.

The dialogue will be ongoing with the Corps and state officials.

Another major roadblock to port development is the pending legal action by Capital City Bank to foreclose on a mortgage for port land on which the port has constructed a barge bulkhead.

The parcel, adjacent to the old Arizona Chemical site now owned by the port and sitting along the Intracoastal Waterway, is in port possession with a mortgage worth more than $4 million.

The positive last week was that Capital City Bank asked for and was granted a continuance from a March district court trial. That continuance pushes the court date back to May.

Capital City Bank is seeking a summary judgment in its favor, but the Port Authority has also argued for a summary judgment on the basis that mortgaging public property without a voter referendum was beyond the scope of the Port Authority’s powers.

“They asked for the continuance to look at several issues and we certainly had no problem with that,” said Port Authority attorney Tom Gibson.

The hope is that time will be on the port’s side, with a chance to secure business and revenue in a bid to stave off any legal action that would move the Port Authority off the barge bulkhead land.



1 2 3 4 5
Next

Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

COMMENTS
▲ Return to Top