Gray's Lake underpass could get a 29-year repayment plan

• An agreement with the city calls for the nonprofit foundation to pay almost all the underpass's $3.1 million construction costs plus $300K for maintenance.

State of play: The city oversaw the project, paid contractors and requested the previously agreed reimbursement from the foundation in late 2021.

• DSM Water Works Parks Foundation paid $1.4 million but then informed officials it had insufficient funds to pay the full amount, according to a council communication.

The latest: After months of negotiations, a payment plan is being proposed by city manager Scott Sanders.

• The unresolved amount of nearly $2 million would be paid without interest in annual installments until 2052.

Yes, but: The city would forgive the final $540K balance, meaning the foundation's remaining portion would ultimately be around $1.4 million.

Flashback: Foundation director Sam Carrell told Axios in 2021 that the pandemic made fundraising more challenging, but that his group was not reneging on its commitment.

• He did not respond to our requests for comment.

Of note: The foundation has raised millions of dollars for other Water Works Park projects, including playgrounds, art and the Lauridsen Amphitheater.