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STATEMENT: MAYOR BRONIN CALLS THE PERFORMANCE BOND ON DONO BASEBALL STADIUM DEVELOPER CENTERPLAN CONSTRUCTION CO.

STATEMENT: MAYOR BRONIN CALLS THE PERFORMANCE BOND ON DONO BASEBALL STADIUM DEVELOPER CENTERPLAN CONSTRUCTION CO.

“At this point, the developers have repeatedly missed deadlines and, we believe, continue to run over-budget. We have no choice but to bring the surety to the table to manage and finance completion of the ballpark.” — Mayor Luke Bronin

Hartford, Conn. (May 27, 2016)BACKGROUND: Today, Mayor Luke Bronin officially called the $47,050,000 performance bond on DoNo baseball stadium developer Centerplan Construction Company, asserting that they have defaulted on the Design Build Agreement they have with the City: (Click here) to read the official letter sent to the surety. Mayor Bronin also made the following on-the-record statement regarding today’s action:

“This afternoon, the City formally notified the surety, Arch Insurance Company, that the developer has failed to perform their obligations, and that the surety has a duty to make sure the project is completed at no further cost to the taxpayer of Hartford. Back in January, when it became clear that the developers were far behind schedule and millions over budget, we brought all parties to the table to finance the gap. That was the right thing to do to keep things moving. At this point, however, the developers have repeatedly missed deadlines and, we believe, continue to run over-budget. We have no choice but to bring the surety to the table to manage and finance completion of the ballpark. The developer has threatened to abandon the job if we call the bond, but to do that would be another breach of contract. They have a clear obligation to keep working, and if they believe that calling the bond wash¹t necessary, they can prove it by finishing the job as soon as possible with the resources they’ve been given.”

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