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ChatGPTClaudePerplexity· Related development
Colonies PID board directs a $3.7 million reimbursement to Rockrose after a $3 million bond
City Finance staff told the Colonies board the total owed to Rockrose Development was $4,036,000; a Rockrose representative said its figures updated in September, which explained the difference from July. Staff confirmed the $3 million bond had been issued in February 2023. The board decided to have Finance write Rockrose a $3.7 million reimbursement check and to decide later how to pay the remainder.[1][2]
What the sources say
- ✓ Verified
The March 21, 2023 minutes say "the total owed to Rockrose was $4,036,000," that "the $3 million bond had been issued" (Finance confirmed it "was issued on February 26th"), and that the board decided to have City Finance write a $3.7 million reimbursement check to Rockrose. In January a Rockrose representative had said the $700,000 cash payment approved in the budget "appeared to be off the table now." [1][2]
- Owed
- $4,036,000
- Payment
- $3,700,000
- Bond
- $3,000,000
- ✓ Verified
At the same meeting FIMC said its new signed contract let it approve expenses under $3,000 without the City's purchasing process; from $3,000 to $50,000 it must get three bids. [1]
