2003 AGN JAN 21 Closed Session City of COlton v. Steward

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January 14, 2003 Daryl J. Parrish, City Manager City of Colton Civic Center 650 N. La Cadena Drive Colton, CA 92324 BARRY A. Ross A T T O R N E Y A T L A W 1851 RAFT IST STREET, SUITE 1100 W r JAN 1 6 2003 CITY OF COLTON CITY MANAGER SANTA ANA, 714.285.1980 CALIFORNIA FAX 714.285.1175 92705-4051 oasbarry@aol.com Re: City of Colton, et al. v. Steward, etc., et al. San Bernardino Superior Court Case No. SCVSS87040 USDC, Case No. EDCV 02 -447 -VAP (SGLx) Dear Daryl: I am pleased to enclose the Compromise Agreement and Release ("Steward Agreement") signed by Allan B. Steward, Kathleen Steward, Steward & Associates and Allan B. Steward Inc. on December 23, 2002 and signed by their attorney, Richard R. Beswick on December 9, 2002. The Steward Agreement provides for payment to the City of Colton ("City") and Redevelopment Agency for the City of Colton ("Agency) of $175,000 within 90 days after execution of this Agreement. The payment is funded from the proceeds of sale of a commercial property at 386 Beaumont Avenue, Beaumont, California ("Beaumont Property"). I am also enclosing a Standard Purchase Agreement and Escrow Instructions for Purchase of Real Estate ("Purchase Agreement") with R & M Veady Inc. as buyer and AB Steward II, Inc. as seller of the Beaumont Property. The Purchase Agreement provides for a sales price of $1,266,000. The expected closing date is March of 2003. �\ QQ If the Steward Agreement is satisfactory, please make arrangements to have it signed by the appropriate representatives of the City and Agency. I have signed the Steward Agreement as the attorney for the City and Agency. Kindly return a copy of the fully signed Agreement to me. I am also enclosing a copy of my letter to Mr. Beswick requesting the escrow instructions :» of Commonwealth Land Title and a modification of the escrow instructions to provide for payment of the settlement amount of $175,000 to the City and Agency. 3