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HomeMy WebLinkAbout8460 - Settlement of Pending Litigation• RESOLUTION NO. 8460 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH, THE STATE OF CALIFORNIA, THE COUNTY OF ORANGE, THE IRVINE COMPANY AND FIRST AMERICAN TITLE COMPANY FOR TRANSFER OF CERTAIN REAL PROPERTY TO THE STATE OF CALIFORNIA AND THE CITY OF NEWPORT BEACH BY THE IRVINE COMPANY AND FOR THE SETTLEMENT OF PENDING LITIGATION WHEREAS, there has been presented to the City Council of the City of Newport Beach a draft agreement between the City of Newport Beach, the State of California, the County of Orange, The Irvine Company and First American Title Company, relating to the transfer of certain real property to the State of California and the City of Newport Beach by The Irvine Company and for the settlement of pending litigation; and WHEREAS, the City Council has considered the terms and conditions of said agreement and found them to be fair and equitable, and in the best interests of the City; NOW, THEREFORE, BE IT RESOLVED`:by the City Council of the City of Newport agreement incorporating of said draft agreement is hereby approved, and authorized and directed of Newport Beach. ATTEST: 3each that said agreement or a final substantially the same terms and conditions approved as to form by the City Attorney the Mayor and City Clerk are hereby to execute the same on behalf of the City ADOPTED this 24th day of March 2 Ci y C rt (ERT D AS THE O.. ".t � AL 42y-- =1' ....._ ... ..... .......... al Ilc ITY OF N_`. ^r' :S 6.ACH MAR. 2 G W5 DAM ....... �7. . 1? i9 1' F 1975. DDO /bc 3/18/75