9.E.
City Council Meeting - FINAL
- Meeting Date:
- 12/17/2013
- From:
- Michelle D'Andrea, City Attorney
Information
TITLE:
Consideration and Approval of Contract: Settlement Agreement with American Contractor Indemnity Company to resolve CV2013-006314.
RECOMMENDED ACTION:
-
Approve settlement of the litigation regarding the landscape bond for the Presidio in the Pines subdivision in the amount of 1.8 million dollars. All other terms of the settlement to be approved by the City Attorney.
Policy Decision or Reason for Action:
The City of Flagstaff brought suit against American Contractor Indemnity Company to enforce the landscape bond for the Presidio in the Pines subdivision. The parties have reached an agreement to settle this matter for 1.8 million dollars. The value of the bond was $1,390,099.12.
Financial Impact:
Approval of this settlement agreement will allow the City reimbursement for its out-of-pocket attorney's fees.
Connection to Council Goal:
1. Retain, expand, and diversify economic base
2. Effective governance.
2. Effective governance.
Has There Been Previous Council Decision on This:
There have been executive-session discussions to provide legal advice and to give direction to the City's attorneys.
Options and Alternatives:
The offer may be accepted, or litigation may continue.
Attachments
No file(s) attached.