Palm Coast Will Borrow Millions and Draw Down Reserves Sharply to Pay for Lawsuit Settlement Land

Palm Coast Will Borrow Millions and Draw Down Reserves Sharply to Pay for Lawsuit Settlement Land

The Palm Coast City Council will borrow millions and use millions from its reserves to purchase land and settle a lawsuit with Allete, the Town Center developer, though there is some division among council members on the risks ahead. The council today also decisively ruled out hiring any new deputies this year. The post Palm Coast Will Borrow Millions and Draw Down Reserves Sharply to Pay for Lawsuit Settlement Land appeared first on FlaglerLive.

Palm Coast Prepares to Borrow Millions for Lawsuit Settlement

The Palm Coast City Council on Tuesday decided to borrow up to $15 million for a major land purchase to settle a lawsuit against a major land developer. Allete, a firm who owns 259 acres of land in Town Center, will sell to the city for $17 million. The first $1 million has already been paid. A total of $15 million is the maximum amount Palm Coast is allowed to borrow against its general fund as written in the city charter. They will also inheri…