Winter Park agrees to $3.3M railroad underpass, road construction settlement
The Winter Park Town Council approved an amended settlement with Cornerstone Winter Park Holdings, the developer of the Grand Park neighborhood, with the town agreeing to pay $3.325 million for road construction.
Originally, the town’s settlement had the town paying $3.275 million into an escrow fund on April 1, but Town Manager Keith Riesberg said they reconsidered the settlement in light of the impact to the town’s finances caused by the coronavirus pandemic.
“Under the revised payment structure, it gives the town more control on the timing of payments and stretches that out,” Riesberg said.
Per the new settlement, Winter Park will pay $1.825 million for the completed railroad underpass and the associated road improvements on April 1. Other payments will be made throughout the year, upon the completion of further roadwork.
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Cornerstone is not only responsible for the construction of Grand Park Drive underpass, but the extension road between Grand Park Drive and King’s Crossing Road. It will also construct Old Victory Road to its connection with King’s Crossing Road.
Upon the completion of the extension road and connection to King’s Crossing Road, the town would pay $100,000 for the work. Similarly, Winter Park will pay $725,000 for the completion of Old Victory Road and its connection to King’s Crossing Road. A final payment of $675,000 would be due Dec. 1 with a $6,250 discount for each month the payment is early.
Aside from the road construction, Cornerstone is also responsible for constructing storm drains, sidewalks and trails or bike paths.
In conjunction with the settlement, the town council approved an intergovernmental agreement with Fraser for the maintenance of the completed roads.
Fraser’s town board unanimously approved the settlement and intergovernmental agreements at its March 24 meeting.
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