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Portland council approves settlement to acquire remaining Midtown parcels, ends related lawsuits
Summary
The Portland City Council approved a settlement agreement to transfer two remaining Midtown parcels to the city and resolve pending litigation in exchange for a payment of about $15 million; councilors waived the second-reading requirement and adopted the measure as amended.
The Portland City Council on Wednesday approved a settlement agreement that returns the remaining Midtown parcels to city ownership and resolves related litigation, according to city attorneys.
The council approved an agreement that calls for the transfer of the two remaining Midtown lots (identified in the agreement as Lots 13 and 7) back to the city and a payment of approximately $15,000,000 to cover land value and dismissal of pending claims. The agreement also provides for mutual releases and dismissal of three pending lawsuits tied to the Midtown property. The council voted to waive the second-reading requirement and adopted the…
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