Board members of the Parkway East Public Improvement District (PID) approved two budgets and a wetlands study at a Monday evening meeting as they move forward following years of stalling litigation on the failed Galleria Parkway project.

“We have just started back to work,” Bob Montgomery, the Canton Attorney representing the PID, said Wednesday.

The current PID board members are Anthony Fertitta, Doug Varney, Steve Horn and Alicia Baladi.

CPA Tom Butchart presented the assessments that would be made to property owners and an operating maintenance budget of $198,915 at Monday's meeting held at McMaster and Associates building on Waterford Square in Madison. He said they currently had about $154,000 in their account and could reasonably expect to have to $135,000 at the beginning of the Fiscal Year starting on Oct. 1.

Montgomery noted Wednesday that property owners were assessed for a total of $2,186,053.99, but the PID only expects to collect between $500,000 and $700,000. Money collected will cover the maintenance budget and the rest will go towards payment of the bond.

“Not all the developers have been paying their assessment,” Montgomery said.

Property owners assessed include Galleria Parkway LLC, St. Dominic Health Services Inc., Barnett Place properties LLC, Whittington Curtis Jr. & Janet E. Ford John V Et Ux, IMAJ LLC, the State of Mississippi, MCEDA,Landstock LLC, ADAB LLC, IMG Parkway LLC, Madison County, Morris Real Estate LLC, Show Dog Properties LLC, and Louis B. Gideon.

Big ticket items in the budget include $15,000 for channel maintenance structural work and $40,000 for legal and professional fees.

After the budgets were approved, Michael Goff with Headwaters, Inc. in Ridgeland said that his company would do a wetlands assessment of the involved properties.

Montgomery said that he had engaged the Madison County Economic Development Authority to help sell the land to developers.

“The first two questions any developer will ask are what is the assessment on the land and what is the condition of the soil,” Montgomery told the board.

Horn said he wanted to know the total acreage of “dirt” in the area that was good for development.

“If we can get an idea of the net usable dirt we have available, we should get a good picture of what is easily developed within the PID,” Horn said.

Goff said he was submitting permits and hoped to have a proposal by the end of the week.

In March, a settlement was reached between Madison County and Assured Guaranty, the bond insurance company for the $27.7 million PID bonds, removing a contribution agreement that required the county to make shortfall payments similar to a bridge loan in the event of a bond default.

As a result, taxpayers had to eat $2 million in shortfall payments already made.

Galleria Parkway began when 14 landowners agreed to a special assessment on their property in exchange for $27.7 million in bonds to build the 4.3-mile roadway that connects Gluckstadt to Madison and parallels I-55.

Only a handful of the current 17 landowners are still paying the assessments, with over $1.7 million worth of assessments not being paid.

According to the original structure of the PID, if a landowner defaulted, the PID Board would then re-assess remaining landowners the difference, but that never occurred. Development never materialized as expected, due in part to the 2008 financial collapse.

Since then, several landowners defaulted on payments, including: Landstock LLC, 891B Properties LLC, Madison Parkway LLC, ADAB LLC, MG Parkway LLC, YMCA of Metropolitan Jackson and Landspan.