Ever since its opening in 2009 the Millennium Tower has been slowly sinking, so far it's settled about 16 inches on its southwestern corner, causing the entire to tilt around 14 inches. Residents applied for a permit to perform a retrofit back in December 2018 and a plan is now in place to stabilize the structure.
After a long legal battle between homeowners, the building's developer and a neighboring construction project, a settlement has finally been reached, reports The Guardian. While details of the deal remain confidential, it is clear that Millennium Partners and Transbay Joint Powers Authority will be required to pay for the $100M plan to retrofit the tower.
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Oh thank the Lord above. I was worried for a minute that these wealthy folk might not get the justice they paid for.
The TJPA was created in 2001 as a collaboration of several Bay Area
government and transportation agencies. It coordinates the efforts of 11
local, regional, and statewide transit systems. In other words it is a public entity, funded with tax dollars, thus taxpayers are bailing out the developers.
Surprise, surprise.
And despite the TJPA being a public agency, the details of the bailout agreement are confidential. Go figure. I wonder how much other public funding (tax abatements, etc.) the developers got for this project?
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