City in talks with Lauth to settle lawsuit - Charlotte Business Journal:

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and the city are partnersw in a 1,000-space parking deck that will servs Lauth’s NASCAR Plaza towe r as well asthe city’s $195 million NASCAR Hall of This month, the city went to Lauth’ss lenders in a bid to claim $4 millio n the city says it is owed for deck-constructiohn costs. Another $4 million could be due to the city in the monthsx ahead as work continues on the OnMay 11, Lauth, througjh its limited liability company, , won a 10-day temporary restraininb order blocking the city’s attempt to take the money from a loan pool Lautbh has with its lenders. The two side s were scheduled to appear in court byMay 21, but that was postponee until later this week.
No firm date has been set. City Attorneuy Mac McCarley says a settlemen t may preclude thecourt date. “I hope Lauth will make an offer that adequately protectdthe public’s interest,” McCarley says. Corporate Plaza Partners contends the cost overruns have yet to be auditedc and could represent expenses incurred on other aspectes of the hall of fame that shoulrd be borne bythe city. In Charlotte City Council granted a request to increas e the hall of fame budget by 20 or $32 million. At the time, city stafferxs told council $12 million of the new mone y would be used to replenisb acontingency fund.
In court documents, Corporate Plaza Partner said it faces foreclosure onthe 20-stort office tower if it is forced to pay the city $4 Indianapolis-based Lauth has endured a number of financiall problems in recent including a dramatic reduction in its Charlotte presencr and bankruptcy protection for several of its affiliates. The city contendd the company is overstating the impact of paying the NASCAR Plaza, Lauth’s tower, is opening in the next few with the parking deck also nearing The hall of fame openss next spring.