Atlantic Gulf Communities announces settlement.MIAMI--(BUSINESS WIRE)--March 5, 1996--Atlantic Gulf Communities Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) announced today a settlement in the condemnation lawsuit brought against its subsidiary General Development Utilities (GDU GDU Growing Degree Unit (crop maturity rates) GDU Gun Display Unit GDU Gene Drayton Unit (band) GDU Gelatin Digesting Unit GDU Garbage Disposal Unit GDU graphical display unit ) regarding the City of Port St. Lucie St. Lucie may refer to:
Under the terms of the settlement, which is subject to City Council ratification, the City will pay to Atlantic Gulf $18.75 million. The settlement was reached prior to the start of a jury trial scheduled to begin on March 4, 1996 and is expected to be ratified by the City Council on Wednesday, March 6, 1996. The settlement amount is in addition to the $45 million paid to GDU in 1990 by St. Lucie County, which originally took the system through eminent domain eminent domain, the right of a government to force the owner of private property sell it if it is needed for a public use. The right is based on the doctrine that a sovereign state has dominion over all lands and buildings within its borders, which has its origins in proceedings. "We feel the negotiated settlement is in the best interest of the shareholders of Atlantic Gulf Communities", said J. Larry Rutherford, President and Chief Executive Officer of Atlantic Gulf. "A long drawn-out trial and any appeal procedures would have hindered this Company's ability to move ahead, repay existing debt and pursue its new business plan, which does not include utility operations." Atlantic Gulf Communities Corporation, with assets of approximately $340 million, is one of Florida's largest real estate developers. The Company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the Company is a proven leader in professional development services, and is known for its leadership role in environmental quality. CONTACT: Harry Rose Atlantic Gulf Communities Corporation (305) 859-4376 OR Kevin Theiss Investor Access Corporation (212) 692-9060 |
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