The City Council has approved a settlement with Civic Partners and Steven and Rose Semingson over issues relating to the development of the Promenade Cinema property on Fourth Street.
The settlement must be approved by federal bankruptcy court and would allow Civic Partners to emerge from a long pending bankruptcy action and settle all claims between the City, Civic Partners, and the Semingsons.
Civic Partners will pay the City $300,000 within fifteen days of the dismissal of the bankruptcy action and then pay the City, either $852,000, within a year of the dismissal date or one million dollars between one and two years of that date.
The city would amend the existing minimum assessment to a minimum valuation of $6 million for a five year period, beginning January 1st, dismiss any lawsuits against the Semingsons and release all claims asserted by the City in the bankruptcy proceedings.
Mayor Bob Scott was ready to put the long dispute over the property behind him:
OC…..minute I spent. :18
The council approved the settlement unanimously.