0.
Regular City Council Meeting
- Meeting Date:
- 08/26/2015
- Submitted By:
- Kay Macuil, City Attorney, Attorney's Office
ITEM:
DISCUSSION AND POSSIBLE ACTION ITEMS:
Discussion and possible action on any and all matters regarding settlement among U.S. Bank National Association, San Luis Facility Development Corporation, and Emerald Correctional Management L.L.C. (Bill Sims, Outside Counsel by Telephone)
Discussion and possible action on any and all matters regarding settlement among U.S. Bank National Association, San Luis Facility Development Corporation, and Emerald Correctional Management L.L.C. (Bill Sims, Outside Counsel by Telephone)
SUMMARY:
The first week of April 2017, Emerald Correctional Management L.L.C. (Emerald) stopped its operations at the San Luis Regional Detention with out notice in breach of the October 2016 Management Agreement. The Trustee for the Bond Holders has withheld payment of sums it has received as revenue from the operations prior to April 2017. A settlement has been proposed for the Board's consideration.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE SETTLEMENT AGREEMENT AS PRESENTED.