Charlotte wins dispute with NASCAR Hall of Fame parking deck

The city of Charlotte stands to collect $5.2 million after an arbitrator ruled in its favor on construction costs and overruns at the NASCAR Hall of Fame parking deck. The dispute began when costs for the parking deck exceeded the original budget, causing the city and Corporate Plaza Partners to disagree over which party was responsible for paying the difference. The city filed and then withdrew default claims in June 2009 against Corporate Plaza Partners, a limited liability company formed by Lauth Property Group, developer of a 20-story, $90 million office tower that is also part of the hall of fame complex. Originally estimated to cost $22 million, the parking deck was finished at a price of $26 million. The city's contribution to the deck was capped at $10.8 million. Binding arbitration led to the ruling this month in favor of the city. It encompasses $5 million owed for parts of the parking-deck and loading-dock work, as well as $156,147 in interest accrued at an 8% rate. The arbitrator denied city claims of interest after June 4, 2009, citing the withdrawn default claim and a partial settlement that allowed work to continue on the project. Last week the city sent a request to Corporate Plaza Partners' banks, Wells Fargo and Regions Bank, to claim $2.2 million from accounts established for debt related to the project. The remaining $2.8 million, plus the interest, would be paid by Corporate Plaza Partners. Charlotte Business Journal

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