MASON CITY — The City Council in Mason City tonight will consider approving a settlement agreement negotiated by the city relating to the costs associated with the structural failure of the former Letts, Spencer and Smith Company building that was recently torn down.
A significant portion of the parapet on the east side of the building collapsed in June 2021, causing the city to have to close lanes of traffic as well as sidewalks adjacent to the building. City Administrator Aaron Burnett says in a memo to the council that the city incurred over $65,000 in costs related to traffic control and structural evaluation of the building.
He says as part of the proposed settlement, the city will receive $30,000 and release all claims against the Cincinnati Insurance Company and the owner at the time of the incident, Highway 18 LLC.
Burnett says while the settlement will not cover all the costs incurred, it will cover a significant portion of the costs and is the best outcome to resolve the issue without continuing legal costs and risking a potential ruling not in the city’s favor.
The council meets at 7 o’clock tonight in the Mason City Room of the Public Library.