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TO: Mayor and City Councilmembers

FROM: Dennis Beougher, City Attorney

DATE: April 27, 2004

SUBJECT: JP Morgan Chase Bank v. City of Brentwood, et al.; Case No. C03-02948, Contra Costa County Superior Court

The above-referenced case has been settled pursuant to the terms approved by the City Council and the form of the Settlement Agreement has been approved by the City Attorney. The voting tally was 5-0. The substance of the agreement was that the City pay JP Morgan Chase Bank $285,000. The City received in exchange an assignment of JP Morgan’s rights to the reimbursement when the remaining property is developed, which is expected to be at least $600,000.

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
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