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box <br />12. OSLO PLAZA ASSOCIATES - TRAFFIC IMPACT FEE <br />CREDITS AND MURPHY DEED ROAD RESERVATIONS - <br />SETTLEMENT OF ATTORNEYS' TITLE INSURANCE FUND <br />TITLE INSURANCE CLAIM <br />The Board reviewed a Memorandum of March 4, 1998: <br />TO: The Board of County Commissioners <br />FROM:. William G. Collins 11 -Deputy County Attorney <br />DATE: March 4, 1998 <br />SUBJECT: Proposed Settlement of Title Insurance Claim Related to Oslo <br />Plaza Associates Traffic Impact Fee Credits and Murphy Deed <br />Road Reservations <br />FACTS: <br />Last year Oslo Plaza Associates, Inc. threatened suit if they were not allowed a <br />traffic impact fee credit pursuant to a 1990 purchase agreement between the <br />Board and a previous owner of the property. The staff recommended: <br />To ratify the staff decision to rescind traffic impact fee credits; <br />2. Notify the title insurer of pending claim in litigation; and <br />3. Authorize defense of any forthcoming suit. <br />The Board decided that it was important to honor their contractual obligations, <br />and because the developer compromised (reduced) his claim to traffic impact fee <br />credits by $26,536, directed staff to reinstate the balance of the traffic impact fee <br />credits and file a title insurance claim. Pursuant to Board direction on April 1, <br />1997, 1 filed a title insurance claim with Attomeys' Title Insurance Fund, Inc. <br />SUMMARY OF CLAIM: <br />Paid $195,986.00 <br />Got 62,430.75 worth of property over and above what <br />was under reservation <br />Overpaid 133,555.25 <br />Minus - 26,536.00 compromise of claim to traffic impact fee <br />credits by seller's successor <br />Claim $107,019.25 <br />?ROVED FOR t -s- 16 -9y <br />B.C.C. MEETING - REGULAR AGENDA <br />4e -'C— � C .19 U <br />COUNTY ATTORNEY <br />RESPONSE: <br />Attached is a letter dated February 23, 1998 which sets forth the Fund's <br />defenses under the title insurance contract. The defenses include: <br />Lack of timely notice to the fund; <br />2. Voluntarily assumed liability without prior written consent of the Fund. <br />MARCH 10, 1998 <br />0 <br />-78- <br />