Insurance settlement reached for Hopkinton garage
According to Selectman Jim O'Brien, chairman of the board, after a lengthy negotiation and a series of offers and counter-offers, LGC and the town settled for a sum of $790,000. The town has contended since shortly after the fire that the building was worth $1 million, the amount LGC appraised it for and based the insurance premiums on, but LGC was willing to pay the town only the replacement value of the building, not the appraised amount.
The town and LGC had reached an impasse and were heading for arbitration when the $790,000 figure was floated. O'Brien said the board weighed the costs and the risks of moving forward into arbitration and decided to take the settlement.
"I don't think any of the board members are pleased at the outcome," said O'Brien. "This process was much harder than it should have been. It's definitely left a bad taste in our mouths. "
But since the settlement was reached, LGC has given the bulk of the money to the town.
"They have hand delivered us a check for $500,000 and they're release the rest after town meeting," said O'Brien.
At town meeting, voters will be asked to appropriate $1.3 million to build a new highway garage that's larger and more modern than the one that burned. The $790,000 will offset part of the cost, but the voters will have to bond the remaining $510,000 to pay for the upgraded building.
"We feel like for $510,000, we're getting a building that's going to last for generations for a reasonable price," said O'Brien. "Not having a building really puts a strain on the highway department."
After town meeting, the board will start taking a hard look at whether it wants to continue doing business with LGC.
"We've been contacted by other companies with offers so we'll have to sit down and look at what our options are," O'Brien said.
The Goffstown News
100 William Loeb Drive
Manchester, NH 03109
Neighborhood News publications can be found at a newsstand near you here.
News, Obituaries, Sports & Social Announcements
Thomas Caldwell, Editor
Email ads to email@example.com
Classified advertising: 603-669-1010
Display advertising: 603-668-4321
Print rate card | Digital rate card
Please use our online form at www.nh365.org
Merrimack teen allegedly held girl captive
Thoughts as we move from one year to another
3 quit Manchester schools panel in protest over deal with feds to allow violent student's return
Londonderry schools placed on lockdown after soldier's unplanned visit to high school causes alarm