288-24 Authorizing Settlement of Township of West Orange v. Ron Jolyn Realty et. al.pdf

288-24 October 8, 2024 RESOLUTION WHEREAS, on April 28, 2022, the Township of West Orange (the “Township”) filed a Complaint commencing a lawsuit captioned: Township of West Orange v. Ron Jolyn Realty & P S Realty, Docket No. ESX-L-2518-22 (the “Ron Jolyn Litigation”) seeking recovery of costs incurred by the Township related to the evacuation and temporary housing of tenants from the garden apartments at 275 Northfield Avenue (the “Property”) following a slope collapse at the Property which occurred on September 2, 2021; and WHEREAS, Defendants Ron Jolyn Realty and P S Realty (the “Ron Jolyn Defendants”) have negotiated a proposed settlement of the Township’s claims to resolve the Ron Jolyn Litigation as set forth in the proposed Release, substantially in the form annexed hereto as Exhibit “A;” WHEREAS, the proposed Release sets forth that the Ron Jolyn Defendants shall pay to the Township a settlement amount of $135,000 in exchange for release as to the Township’s claims; and WHEREAS, following the Township’s receipt of funds from the Federal Emergency Management Agency (“FEMA”), the remaining balance of the costs incurred by the Township for the evacuation and temporary housing of the tenants were $155,000; and WHEREAS, the proposed settlement is acceptable to the Township based on the proposed terms set forth in the Release.