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ON MOTION by Commissioner Bowman, SECONDED by <br />Commissioner Scurlock, the Board unanimously approved <br />Southland Painting Corp.'s final pay request in the <br />amount of $2,268 and request for payment of retainage in <br />the amount of $5,038, as requested by staff. <br />INVOICES #1019 AND #1020 ARE ON FILE IN THE OFFICE OF THE CLERK TO <br />THE BOARD <br />SETTLEMENT AGREEMENT - INDIAN RIVER COUNTY vs. HUBBARD <br />The Board reviewed the following memo dated 12/30/91: <br />TO: The Board of County Commissioners <br />FROM: v-) William G. Collins II - Deputy County Attorney <br />DATE: December 30, 1991 <br />SUBJECT: Indian River County vs. Hubbard - Settlement Agreement <br />Indian River County will acquire title to the Hubbard property, the last <br />remaining piece of the downtown courthouse site, on January 2, 1992 by <br />depositing $240,000.00 into the Registry of the Court as a good faith <br />estimate of value. This deposit was ordered by the Court in an Order of <br />Taking dated December 19, 1991. <br />In the Answer to our Petition in Eminent Domain, the Hubbards have claimed <br />business damages, lost rental income, and the value of certain trade fixtures <br />and personal property within the building. While we are hopeful of <br />prevailing on these issues, should a jury verdict come in in excess of <br />$300,000.00, the County would also be responsible for payment of the <br />Hubbards' attorney's fees which he has estimated at up to $75,000.00. A <br />jury trial would also oblige the County to incur costs in the tens of <br />thousands of dollars for appraisal updates, appraiser's expert testimony, <br />video tapes of the property inside and outside (since the property will be <br />demolished before trial), etc. <br />The Hubbards and their attorney have had an independent appraiser value <br />their property. Based on the uncertainties and risks to each side, they now <br />propose to settle the case for the amount of the County's last offer of <br />$312,500.00, plus $5,000-00 for attorney's fees and appraiser expenses <br />already incurred. <br />RECOMMENDATION: <br />Approve the attached Stipulated Settlement Agreement in the amount of <br />$317,500.00 as full and final settlement of all claims, fees and costs in this <br />case. <br />62 <br />s � � <br />