It comes down to liability. Two things have to happen to make this work. One is, Scripps has to have assets to back $100 million. Then, it is possible they are looking to the local governments to help make the annual premiums.
We are actively negotiating. I think we will come to a resolution.
Scripps is important to the county, but at what risk to taxpayers?
What we don't have is the luxury of time for south county. So it's all the more important for them to get us information as soon as possible... to assure that we've had the proper due diligence.
We're going to see higher construction costs anywhere.
It's all moving forward very, very nicely.
It's significantly more complex because of the number of partners involved. We have a lot of work to do.
I feel very confident that the information we are providing to the governor will help alleviate his concerns.
At the end of the 15th year, the county would reimburse Scripps the total expended on the premium, which is estimated at $22.8 million.