Yeager Airport is expected to receive more than $730,000 from its main insurance carrier, AIG, in reimbursement funds for money it paid out in emergency aid to residents affected by the March 2015 collapse of the Charleston airport's safety overrun area and to re-establish disrupted utility corridors in the weeks following the landslide.
On Tuesday, the airport's finance committee voted to recommend that Yeager's governing board accept a partial settlement agreement worked out by lawyers representing the Charleston airport and AIG that reimburses the airport:
n $290,551 for property buyouts from willing sellers along Keystone Drive.
n $212,691 for work done to restore utility corridors put out of service by the landslide and the flooding that followed it.
n $165,000 for lodging expenses paid for Keystone Drive area residents left temporarily homeless by the landslide.
n $53,500 for food, groceries, moving and storage costs incurred by Yeager in assisting displaced occupants in the Keystone Drive area following the landslide.
n $12,683 for the storage of property salvaged from the Keystone Drive Apostolic Church, which was destroyed by safety overrun collapse.
The Federal Emergency Management Agency has already reimbursed Yeager for some of the expenses included in the partial settlement. In those instances, money from AIG's partial settlement will be passed on to FEMA, according to Terry Sayre, the airport's executive director.
Some of the partial settlement funding came from the insurance carrier for Cast & Baker Corp. of Canonsburg, Pennsylvania, one of the firms involved in the design of the safety overrun area.
The bulk of compensation Yeager Airport officials hope to receive from the March 12, 2015, landslide is not expected to be awarded until after a series of upcoming lawsuits are settled or adjudicated.
Sayre said money from AIG's partial settlement not earmarked for FEMA reimbursement will be used to help pay for the clearing of slide debris from Keystone Drive, expected to resume sometime next month.
Reach Rick Steelhammer
at rsteelhammer@wvgazettemail.com, 304-348-5169, or follow
@rsteelhammer on Twitter.