IF THE REPAIR PROJECT IS COMPLETED FOR LESS THAN $50 MILLION DOLLARS, WHAT HAPPENS TO THE REMAINDER OF THE MONEY AND THE TWO PARCELS OF LAND?
The settlement agreement provides that 50% of any remaining funds revert to CALTRANS. The two parcels of land have been permanently deeded to the Foundation. At this point the Board has made no decisions as to either the money or the parcels. There have been discussions about restoring the hillside’s vegetation and creating an open space, park like environment on the two parcels and creating a reserve fund to finance the Foundation’s on-going maintenance responsibilities. It needs to be emphasized that no decisions have been made nor will any be made until the project is near completion. As we approach the actual construction phases of the project, it appears less likely that there will be a substantial sum of money left. However, the Board is taking every opportunity to economize so long as it does not compromise the success of the construction project.
Related Questions
- IF THE REPAIR PROJECT IS COMPLETED FOR LESS THAN $50 MILLION DOLLARS, WHAT HAPPENS TO THE REMAINDER OF THE MONEY AND THE TWO PARCELS OF LAND?
- Can I partially fund a project? What happens if the remainder isn’t funded by other supporters?
- MONEY FROM: What happens to the money paid to the Corps for leasing land for farming?
