HomeMy WebLinkAboutLewis Equity Group LLC SETTLEMENT AGREEMENT
Comes now Plaintiffs, Glen Lewis and Lewis Equity Group, LLC, a~d the
City of Jeffersonville, by it Mayor, Rob Waiz. The parties having discussed
various options have reached an agreement as to certain terms concerning the
sale and use of the property located at 1002 and 1004 Spring St. in
Jeffersonville, IN.
TO-WIT:
1. Definitions:
a. "Lewis Real Estate" shall refer to the real estate located at 1002
and 1004 Spring Street, Jeffersonville, IN as presently bouLnded
by 10th and Spring Street.
b. Lewis" shall mean both Glen Lewis and Lewis Equity Group,
LLC unless a specific designation is used.
c. "Jeffersonville" shall mean the City of Jeffersonville, IN
d. "Environmental case" shall mean the present litigation pending
in the United States District Court, Southern District of Indiana
with a case number of 04:03-cv-0026 SEB WGH.
e. "Condemnation case" shall mean the present litigation pending
in the United States District Court, Southern District of Indiana
with a case number of 4:02-CV-221 DFH-WGH.
f. "City Real Estate" shall mean the real estate owned by
Jeffersonville that is adjacent to the Lewis Real Estate which
was part of the original project for redevelopment.
2. Sale and Marketing of Real Estate:
a. Marketing of property. The parties agree to jointly market the City
and Lewis Real Estate section as a single package to developers for
a period of ten (10) months from the date of execution of this
Settiement Agreement. The potential development for both parcels
of real estate must be consistent with the ideas and intents of the
City of Jeffersonville. The City shall make a determination of the
development of the property in its sole discretion as consistent
with this Agreement.
b. Sales price. The parties agree that the City will agree to market
the real estate for the highest and best price possible. The parties
understand and agree re sell both of the parcels of real estate so
that Lewis shall receive the net price of $687,500 for the Lewis
Real Estate and that the City shall receive the sum of $725,000 for
its parcel. In the event that the sale price is in excess of
$1,412,500, then the parries shall equally divide that amount in
excess of $1,412,500.
c. Clean up for Sale. Each party, shall be responsible for the clean up
and related costs on their respective parcels of any environmental
issue necessary se that the property sale can be closed.
d. Deed Restrictions. The parties agree to include a deed restriction,
which prohibits the sale or distribution of consumer fireworks from
both the City and Lewis Real Estate parcels.
e. Inability to sell the real estate. In the event that the parties are not
able to effectuate a valid sale for the purchase of both real estate
parcels, each party shall retain ownership of their own real estate
and may offer them to other purchasers or developers for any
purpose whatsoever. Jeffersonville shall execute those documents
necessary to transfer whatever ownership interest it has in the
property to Lewis via quit-claim deed regarding all takings
proceedings that occurred in the year 2002 except for the
expansion of 10th St.
3. Dismissal of Pending Litigation. The City agrees to move to dismiss
the Environmental litigation. The parties agree to move to dismiss
with prejudice the Condemnation litigation with prejudice pursuant to
a full standard release of all claims state, federal, tort, civil rights and
all matters which were or could have been brought to date by the
parties to date, upon the tender of payment referred to in paragraph 5
herein. Nothing in this Agreement shall prevent Lewis from pursuing
litigation and/or contributions from any third party involved in the
Environmental case.
4. Miscellaneous provisions. This agreement shall be binding on all
heirs, assigns, agents and representatives of the parties. The parties
represent that they have the requisite authority to enter into this
agreement. Parties agree to execute any and all documents necessary
to effect~ate this Agreement.
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5. Payment. The 'City agrees to pay Plaintiff the sum of $75,000 for'
dismissal of all claims, costs and attorney fees herein within 30 days
of the date of this agreement.
6. Approval. This agreement shat1 be subject to the approval of the
appropriate governmental bodies of the City of Jeffersonville, IN.
Dated this \~.. day of September, 2005.
Glen Le/~ and Lewis Equity Group, LLC
'~t~ally'ana~as a member of the Lewis
by its Ma?
Attorney for Jefferson~l~ ~
r Jeffersonville
omey for Glen Lewis and Lewis Equity
)up, LLC
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