Land Appraisal Lawsuit

Denham Springs agrees to $2 million settlement in development lawsuit.

Land Appraisal

Denham Springs, LA: (May-14-08) E. Jacob FaKouri, the developer for the controversial Bass Pro project, brought a lawsuit against the Denham Springs Economic Development District, over property costs appraisals. The suit had at its crux, issues regarding an appraisal for the property, which came in at $5.3 million rather than the $7 million that the district had set aside for the land purchase.

Sources stated that both sides expected the price of the land to go up compared to an earlier appraisal, but it went down. Following the appraisal, FaKouri went ahead with the sale after reaching a written agreement with the district’s chairman that asked the two sides to obtain a mutually acceptable consultant to determine if FaKouri was entitled to receive additional compensation for money he spent, since that would have been the financial responsibility of the district.

As part of a settlement reached in the dispute, the district voted to pay the developer $2 million. The deal stipulates that the money will be paid after an arbitrator confirms the district owes FaKouri at least that much. Records indicate that the settlement is in addition to the $5.3 million the district paid to FaKouri for the property occupied by the Bass Pro project. [THE ADVOCATE: DISTRICT AGREES TO BASS PRO SETTLEMENT]

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