Grant, Fertitta appointed to Parkway East PID board
Wednesday, July 23, 2014 1:00 PM
Two members have been appointed to the Parkway East Public Improvement District (PID) board by the Madison Bounty Board of Supervisors so now a quorum is possible and the body is able to accept nearly $800,000 in special assessments.
Andrew Grant, road department business manager, and Anthony Fertitta, a former PID board member who recently resigned, bringing the total operating number to three. Bradley Morris was the lone remaining board member after the resignations over the past few months.
"This board is duty-bound to try and help," Board Attorney Mike Espy said. "They cannot have a quorum, even to have a meeting and do business. If you can't make an assessment there will be no money."
Espy said the board appointments were temporary but had to be made by supervisors because the current PID board could not accept members without a quorum.
"This board has ceased to function," he said.
The county and the PID are currently involved in a federal lawsuit by Radian Asset Assurance, a New York-based bond insurer, over payment defaults.
Included in the PID was a contribution agreement where the county would make payments on behalf of private landowners in the event they defaulted on payments to the $27.7 million worth of bonds, but that agreement would end after two years of non-reimbursements. The county ceased making payments on behalf of the PID on Oct. 25, 2013.
To date, Parkway East has cost taxpayers over $2 million.
The bonds were issued in March 2005 for infrastructure development for the Parkway East district that parallels I-55 north of Madison to Gluckstadt. The 4.3-mile roadway connects Gluckstadt to Madison.