The owners of a railway real-estate development project in Connecticut were named in a lawsuit claiming tortious interference. The Transit Agency of a major metropolitan area, which runs the local rails and controls property nearby new metro stations, solicited bids for an undeveloped piece of property in a competitive process. The bid was eventually rewarded to a regional transportation development firm, who worked with the Transit Agency to create a binding Term Sheet which, by 2011, only needed to be reduced into a final Joint Development Agreement. The Agency then decided to walk away from the agreement, following what Fleming Ventures deems direct interference by some of the Transit Agency’s members. The Transit Agency was then sued for tortious interference, with an additional allegation of a breach of express contract and of the implied covenant of good faith and fair dealing. An expert in similar development projects was required, in order to articulate the implications of tax credit financing and business covenants.
Question(s) For Expert Witness
- 1. Do you have experience with developments involving light rail?
- 2. Please explain your previous experience with the kind of tax credit financing the project had received, as well as similar cases.
Expert Witness Response E-103490
I worked on a Metro Station redevelopment project, which was a development solicitation with a major metropolitan area’s Transit Agency. During work at the Deputy Mayor’s office, I coordinated closely with the local Transit Agency on several projects. I also have significant experience developing and financing Low-Income Housing Tax Credit deals, which use tax credit financing, and have worked with professionals who prioritize affordable housing development. With experience in many public private partnerships, I have seen deals and issues on both the private and public sides of the business.