Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Settlement Of Litigation Between The City Of Hollywood, Florida, City Of Hollywood Downtown Community Redevelopment Agency, And CB Condominiums, Inc., In The Amount Of $200,000.00.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
In 2016, the City began to discover various issues with the Garage associated with the ICON development, including but not limited to newly formed cracks/spalling within the garage and issues related to ponding of water. As a result, the City retained engineers to inspect the garage. As a result of the issues that were discovered by the engineers, a third party complaint/counterclaim was filed by the City and CRA against CBI and HYC in Case No. CACE-15-020788 in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida.
CBI has denied any issues with the construction of the garage, and the City has obtained a default against HYC. The City, CRA and CBI are now desirous of settling all existing disputes and claims between them.
The parties have reached a full and final compromise and settlement of all matters, causes of action, claims and contentions between them.
CBI agrees to pay the City the total sum of $200,000.00, to be paid in one lump sum within ten (10) days of the execution of the Settlement Agreement.
Upon the execution of the Agreement and the payment of the settlement proceeds by CBI, the parties will execute a general release in favor of each other for any and all claims arising from or related to the litigation.
Fiscal Impact:
The City will receive a lump sum payment of $200,000 from CBI upon execution of the Settlement Agreement. The funds will be allocated for repayment of legal expenses and repair costs of the garage.
Recommended for inclusion on the agenda by:
Shiv Newaldass, Director, Developme...
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