City, Builder Settle Suits

City officials on Tuesday agreed to pay $560,000 to Taylor Woodrow Construction Corp. of New York to settle all suits between the city and the contractor that built the city’s parking garage in The Exchange shopping complex.

The $7.1-million multilevel garage at 115 N. Maryland Ave. opened in November, 1989, more than a year later than scheduled. The delays stalled renovation of streets and revitalization of shops in the two-block area in the downtown redevelopment zone.

The city sued the builder in June, 1990, seeking more than $1.43 million for fraud and breach of contract because of construction delays. Taylor Woodrow filed a countersuit seeking $4.9 million from the city, which the contractor blamed for delays.

Redevelopment Director Jeanne Armstrong on Tuesday said the additional money to be paid by the city represents close to the actual cost of changes in the garage structure ordered by the city during construction.

Meanwhile, concerned by The Exchange’s slow development, the Redevelopment Agency on Tuesday allocated up to $100,000 to help attract more tenants and customers to the trendy open-air plaza of shops and restaurants.