Laserfiche WebLink
SETTLEMENT AND RELEASE AGREEMENT <br />This Settlement and Release Agreement ("Agreement") is <br />entered into by and among the CITY OF COLTON, a municipal <br />corporation ("City"), the REDEVELOPMENT AGENCY FOR THE CITY OF <br />COLTON, a public body corporate and politic ("Agency"), which are <br />sometimes jointly referred to herein as "Colton", on the one hand, <br />and ALLAN STEWARD, an individual ("Steward"), STEWARD AND <br />ASSOCIATES, INC., a California corporation ("Associates"), COOLEY <br />PARTNERS, a California general partnership ("Cooley"), and ALLAN <br />STEWARD, INC., a California corporation ("Corporation"), sometimes <br />collectively referred to herein as the "Steward Entities," on the <br />other hand. This Agreement shall have an effective date of <br />February �, 1998, which is the date that each of the parties shall <br />have finally executed this Agreement, and this Agreement is entered <br />into with respect to the following facts: <br />A. On or about January 6, 1993, the Agency entered intd <br />a Feasibility and Marketing Agreement with Cooley. On or about <br />August 3, 1993, the Agency entered into an Amended Marketing <br />Agreement with Cooley, pursuant to which the Agency paid Cooley the <br />sum of $231,000. On or about October 26, 1993, the Agency and <br />Cooley entered into an Agreement for Professional Real Estate <br />Services, which amended and superseded the Amended Marketing <br />Agreement, provided that Cooley retained the $231,000 payment, and <br />provided for a five percent (5%) finder's fee to Cooley after the <br />sale of certain property. <br />B. On or about December 27, 1993, the City and <br />Associates entered into a Contract Management Agreement relative to <br />the construction of the Colton Community Center, which was amended <br />by that certain Amendment No. 1, pursuant to which Associates was <br />paid a total of $450,044. <br />C. On or about February 28, 1995, the Agency entered <br />into a Disposition and Development Agreement with Steward which <br />provided Steward with an option to purchase certain Agency owned <br />land on certain conditions (the "Zendejas DDA"). <br />D. Colton has filed an action in the Superior Court of <br />the County of San Bernardino, Case Number SCV 34351 (the "Action"), <br />against the Steward Entities and others, seeking: recovery of the <br />money paid under the Amended Marketing Agreement; recovery of the <br />money under the Contract Management Agreement; and declarations <br />that the Amended Marketing Agreement, the Agreement for <br />1 <br />