Court vacates YTK award
After almost two decades, closure came today in the Port - YTK case. The case involved a lease for hotel wharf signed in 2006 involving a series of 5-year leases totaling 45 years for a fisheries operation that never got off the ground.
The case wound up before an arbitration panel which awarded YTK a now almost $20 million award, which the Port appealed to the Supreme Court.
The Supreme Court, however, today determined the contract was illegal including the fact that the legislature should have approved the long term leasing of the property. In the end, the arbitration award was vacated.
Port Authority General Manager Rory Respicio says they are pleased with the decision and will continue to focus on plans to modernize facilities.