Dallas/ Politics & Govt
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Published on April 24, 2024
Richardson City Council Cancels $47 Million Deal with Palisades Project After Developers' ConvictionsSource: City of Richardson, Texas

In a straightforward move to sever ties with a tainted economic deal, the Richardson City Council has instructed its city manager to give the developers of the Palisades Project the boot. The council voted unanimously last Monday to notify JP-KBS Holdings LLC that their agreement is now considered void, saving the city a whopping $47 million originally intended to cover the project's infrastructure expenses.

Richardson City Manager Don Magner announced the decision to cut the cord with JP-KBS Holdings LLC following the criminal convictions of the project's initial developer and an associated ex-mayor. "Given the outcome of the federal criminal cases of Mark and Laura Jordan, we believe the economic development agreement is void," Magner said in a statement. "Since the federal convictions render the economic development agreement void, we have not and will not make any payments associated with the agreement." According to the City of Richardson, Texas.

The saga began back in 2012 when Mark Jordan approached Richardson officials, hat in hand, seeking financial incentives for his proposed Palisades Project. Fast-forward to April 2015, the city, oblivious to the brewing scandal, struck a deal with Jordan, agreeing to generously reimburse up to $47 million for related construction and infrastructure efforts.

However, the story took a nosedive when facts surfaced during federal criminal proceedings, painting a less-than-savory picture of Mark Jordan and former Mayor Laura Jordan's dealings. The City Council, originally in the dark about the duo's conduct, voted to decidedly nullify the once-lauded economic pact. The move aims to prevent having to fork over any taxpayer dollars to the project that's now marred by legal infamy.