$9 million settlement looming in Walnut Vs. Industry lawsuit

James Wagner reports that Walnut has agreed to drop its lawsuit against Industry over the proposed NFL stadium for $9 million, among other concessions.

The settlement agreement was approved by the Walnut City Council on Tuesday. It’s expected to go before the Industry City Council this morning.

According to Wagner’s story
, “Under the terms of the settlement agreement, Industry will pay Walnut $9 million for traffic improvements. In addition, Industry will pay for all improvements on Valley Boulevard near Fairway Drive and pay a ‘fair share’ of three other traffic improvement projects.

Industry will also guarantee that Walnut receives an annual payment into a ‘community fund.’ The amount of that payment will vary year-by-year depending on how many events the stadium hosts. Estimates in the agreement suggest that Walnut would receive $350,000 per year if at least 24 events are held. That amount would go up with the number of events, and can also be raised for inflation.”

The most interesting part however is that a provision in the agreement prohibits Walnut officials from helping any opposition to the project — that includes a pending lawsuit filed by Citizens for Community Preservation Inc.

It seems Walnut Councilman Joaquin Lim may not understand that provision. He told Wagner today that if the Citizens group held a meeting and invited him, he would attend.