The city of Adrian will seek legal action against Biofuel Industries Group for breaching a cost-sharing agreement.
The city entered into an agreement with Biofuel Industries Group to share the costs of making improvements on Beecher Street that included installing a left turn lane and a deceleration lane to NextDiesel’s driveway. Biofuel Industries Group was to pay for its portion through either a letter of credit or performance bond in an amount not less than $175,000.
“At this point, the major street fund is out of the money,” city administrator Dane Nelson said.
Nelson said the company put the funds into a restricted bank account. The company indicated the bank won’t release the money and can’t turn it over to the city, he said.
READ WHOLE STORY Here:
http://www.lenconnect.com/news/x549596922/NextDiesel-owes-funds-city-says
SkunK
Wednesday, April 8, 2009
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