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UTILITY BOARD APPROVES EXTENSION OF STEAM PLANT PROJECT CONSTRUCTION PERIOD

05/10/2007 ~ The Utility Board approved extending the completion date of the Steam Plant redevelopment project until spring 2008 at their regular meeting on Wednesday, May 9th.

The Utility Board previously agreed to lease its decommissioned Key West Steam Plant and adjacent property for a residential development composed of 19 market-rate units and 38 affordable-rate units. The developer, Old Town Key West Development, LLC, requested an extension to the construction period until March 1, 2008, since construction was delayed by the 2005 hurricane season. Originally the project was slated to be complete by spring 2007.

The original lease provided for the completion of construction, after building permits were issued, within 18-months for the affordable-rate units and 30-months for the market-rate units. Exceptions to the lease included delays caused without fault or neglect on the part of the developer, by act of God, strikes, lockouts, or other conditions beyond their control.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, May 9th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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