From the City Facebook page...
Huntington City Council voted 10-1 Monday to approve an ordinance that is the
first step toward a multi-phase development project at Harris Riverfront Park.
The ordinance authorizes Mayor Steve Williams to enter into a lease agreement with Riverwalk, LLC, for the proposed $100 million, multi-phase
development project that will include a full-service marina with 260 boat slips, a dry dock area, lifts, a boat repair and retail shop, a boardwalk with shopping and eventually condominiums.
The lease with Riverwalk, LLC, will be for 25 years with an option for a 25-year extension. The city will receive $1,200 annually for the first five years of the project. Beginning in the sixth year, the city will receive 12 percent of the net income from the property. Riverwalk's lease payment to the city will increase to 30 percent of the net income by the 12th year. Riverwalk will also be responsible for providing insurance on the project, paying property taxes and maintaining the development.
In return, the city will make a commitment to apply for grants that will assist in the funding of the project.
The lease agreement is the result of a decades-old lawsuit between the City of Huntington and the former Huntington Marine Services, Inc., that was settled last year. The legal dispute involved Huntington Marine Services' (now Riverwalk) attempts to construct a barge-mooring facility along the Ohio River in Westmoreland. The city blocked the plan several times, but a circuit court judge eventually ruled in Huntington Marine Services' favor, but had yet to establish financial damages.
Attorney Steven K. Nord, who represented the city in the litigation, told City Council members the financial damages against the city could have been
as much as $20 million.
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