A Denver contractor who worked for the city on glazing fin-studded fins lost $40 million bid to repair a glazing finish line.
Glazing contractor Kevin Ritchie and his partners were awarded $8.9 million in a settlement with the city, but that sum is expected to decline as the cost of repairs approaches $100 million, according to the settlement agreement.
Ritchie and the others had been awarded $10 million in damages over the 2010 storm that brought the city’s roof-replacement costs to more than $1.6 billion, said Mark McDaniel, an attorney for the contractors.
The city’s insurance company had awarded $500,000 in insurance for the cost overruns.
“It’s a huge loss for the community, the state, the country and the world,” McDaniel said.
“They’ve spent hundreds of millions of dollars.”
The settlement includes $2.5 million in attorney’s fees, and the city is also agreeing to make a $2 million payment to the state of Colorado to cover the cost, said city spokeswoman Lauren McKean.