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Report to Redevelopment Agency Board regarding <br />Colton Palms Settlement — Escrow Agreement <br />Page 2 of 2 <br />Environmental Impact <br />N/A <br />Financial Impact <br />To -date the Agency has financed the construction defect litigation in excess of $1.2 million. <br />The settlement funds are to provide for reimbursement of those advances. <br />The Agency and the Non -Profit shall each pay one-half of the Escrow Agent's reasonable <br />expenses as identified in Exhibit 'W' of the Escrow Agreement. The Escrow Agent may <br />withdraw compensation and expenses from the account income. <br />Leeal Review <br />The staff report has been reviewed and approved by the Agency Special Counsel. <br />Agency Special Co6nsel <br />Recommendation <br />Approve Escrow Agreement with Colton Non -Profit Senior Housing, Inc. and designate <br />Union Bank of California, N.A. as the Escrow Agent and authorize the Executive Director to <br />execute the necessary documents related to such. <br />Attachments <br />"X'— Settlement Agreement <br />"B" — Escrow Agreement <br />R:\ShamRDA\Meetmgs\2003 MeelinggWay 6,2003\Colton Palms Esemw AgwmeW staff reportAm <br />