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Red Oak council accepts settlement between Cooper Zeta LLC and Victory Group LA LLC
Summary
After an executive session, the council adopted Resolution No. 25-08R acknowledging a settlement and release agreement between Cooper Zeta LLC and Victory Group LA LLC and authorized the city manager or designee to execute the agreement, removing the city from collection obligations under a pro rata agreement.
The Red Oak City Council on Oct. 14 adopted Resolution No. 25-08R to acknowledge the terms of a settlement and release agreement between Cooper Zeta LLC and Victory Group LA LLC and to authorize the city manager or designee to execute the agreement.
Council took up the item at the conclusion of an executive session. City staff described the city’s role as an intermediary on a pro rata agreement between the two private parties and said the settlement resolves the dispute between those parties and relieves the city from any obligation to collect under that pro rata arrangement. Staff asked the council to acknowledge the settlement and allow the parties to proceed without the city’s further involvement.
After the executive-session briefing, a motion to approve the resolution passed 4-0 (Planner, Miller, Franklin, Smith: yes). The resolution authorizes the city manager or designee to execute the settlement and marks the city’s formal acknowledgement of the agreement between the two companies.
City staff did not provide additional settlement financial terms in the public discussion; the council’s action was limited to acknowledging the settlement and authorizing execution of the agreement on behalf of the city.
