Monument must pay a methadone provider $350,000 under a settlement that would keep the company from opening a facility there, the town's manager said Wednesday.
The figure offered the first glimpse at how much taxpayers must pay to settle with Colonial Management Group - which sued Monument last year after town officials denied the company a business license and issued a moratorium on clinics opening in or around downtown.
CMG, which operates methadone facilities across the nation, initially sought more than $800,000 from the town, as well as lost profits and "other opportunity costs."
The figure announced Wednesday only represents the town's share, said Chris Lowe, Monument's town manager. He declined to discuss how much the town's insurer, CIRSA, must pay.
Lowe said the city would try to cut costs during 2016 to pay for the settlement. The town plans to use its uncommitted reserves - which total roughly $300,000 - if enough cuts can't be made, he added.
"We're just trying to tighten our belt," Lowe said.
He said he has not met with the town's department leaders to discuss what cuts would be made.
The settlement is not finalized, Lowe said, though he expected it to be signed soon - possibly Wednesday afternoon.
Initial terms of the deal were reached March 10 - nearly a week after the town and CMG began settlement talks, according to Gary Shupp, the town's attorney.
Monument's mayor and four of the town's trustees unanimously voted during an emergency meeting Friday to allow town officials to complete the deal.
Check back to gazette.com for more information as the story develops.
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