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CITY COUNCIL <br />FOR THE <br />CITY OF COLTON <br />For the City Council Meeting of April 21, 1998 <br />TO: Honorable Mayor and City Coun 'members <br />APPROVAL: Henry Garcia, City Manag r <br />FROM: Robb Steel, Redevelopment Director ooy� <br />SUBJECT: Consideration and Approval of General Release and Settlement <br />Agreement related to Purchase of Five Mobilehome Coaches <br />DATE: April 16, 1998 <br />Background <br />On March 3, 1998 the Agency approved a purchase agreement between Countrywide <br />Homes and Sun Crest Mobile Homes for the acquisition and remodeling of five <br />mobilehomes. As part of this agreement, the parties were required to execute a general <br />release of all claims against each other. The City of Colton is one of the parties which <br />was required to execute a general release as a condition of closing. Basically, the general <br />release requires the parties to forego any future claims for matters related to the subject <br />five coaches. Since the City of Colton was not a party to the agreement approved by the <br />Agency, the City is now requested to ratify the subject release. <br />Financial Impact <br />None Anticipated. <br />Recommendation <br />Approve General Release and Settlement Agreement. <br />Attachment: <br />(1) General Release and Settlement Agreement <br />Report Prepared by: Robb R. Steel, Redevelopment Director <br />C:/Robb/RanchoMed/ <br />Item # 23 <br />