Settlement reached in city’s lawsuit against James E. Johnson
Mount Pleasant’s lawsuit against James E. Johnson was settled earlier this month, according to a release from the city.
An email on Monday from Heather Smith, community information director, states the lawsuit was settled and took effect on Oct. 9
In August 2006, Johnson signed a personal guarantee with Mount Pleasant, the release states. In May 2007, because of project delays on the related Borden Building reconstruction, the guarantee was executed again which changed the payment due dates.
This contract assured payment to the city equal to tax revenue on an agreed upon development on a vacant parcel of land west of the Borden Building, known as Parcel B.
“The agreement required a specific type of development, as well as $80,000 in tax revenue from the new development, or an equivalent cash payment from Johnson each year for 15 years,” the release stated.
The city began procedures to collect from Johnson when no construction occurred and no payment was received. This led to litigation.
On Oct. 2, Judge Paul Chamberlain entered an order settling the claims made by the city against Johnson.
It was ordered that Johnson provide marketable title of Parcel B back to the Mount Pleasant Economic Development Corporation, including any rights to development tax credits, by Oct. 19.
He was also ordered to remit $160,000 to Mount Pleasant by Oct. 19. Johnson will make three additional payments of $80,000 each to the city on or before Jan. 1 in 2014, 2015 and 2016.
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