Hartford calls performance bond on ballpark

Hartford

HARTFORD, Conn. (WTNH) — The city of Hartford notified the insurance company behind the Yard Goats stadium project Friday that they are calling the performance bond after delays and cost overruns.

Hartford Mayor Luke Bronin said that the city had no choice but to move ahead with this step.

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.”

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The ballpark performance bond, valued at $47,050,000, names developer Centerplan Construction Company, asserting that they have defaulted on the Design Build Agreement they have with the City.Web Extra: Read the official letter sent to the Arch Insurance Company

On Friday afternoon, Mayor Bronin made the following statement on-the-record about the 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.”

News 8 contacted Centerplan Construction Company, but they declined to comment.

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