HomeMy WebLinkAboutTerms of Settlement of Pacific AirShow LLC Lawsuit (2) II en CITY OF HUNTINGTON BEACH
;te OFFICE OF THE CITY ATTORNEY
Terms of Settlement of Pacific AirShow LLC Lawsuit
On May 9, 2023,the City and Pacific Airshow LLC entered into a Settlement Agreement, which
includes the following terms:
City' Consideration for Settlement:
1. The CITY will pay PA $4,999,000.00 as follows:
a. $1,999,000.00 due on or before July 31, 2023;
b. $500,000.00 due by January 30, 2024;
c. $500,000.00 due by January 30, 2025;
d. $500,000.00 due by January 30, 2026;
e. $500,000.00 due by January 30, 2027;
f. $500,000.00 due by January 30, 2028; and,
g. $500,000.00 plus inflation interest due by January 30, 2029. At the CITY's
option,the CITY may pre-pay this payment by January 30, 2028, in order for the
CITY to avoid the inflation interest.
2. The CITY will discharge $194,945.35 PA owes related to the 2021 Air Show.
3. The CITY will refund the$149,200.00 in fees paid by PA towards the 2022 Specific
Events Invoice, in the form of a credit.
4. As with past Air Shows, for the 2023 Air Show Event,the CITY shall waive parking
space fees for PA for up to 600 CITY parking lot spaces for usage during the time to
prepare/load-in/set up the Air Show and takedown/load-out; and,PA will receive a parking offset
consistent with what PA has received in the past for previous Special Events Permits in an
amount not less than $110,000.
5. The CITY will pay to PA up to $2,000,000 of the CITY's recovery after attorneys' fees
and costs in any of the CITY's own Oil Spill lawsuit that are attributable to the damages PA
sustained.
PA will dismiss the CITY from its lawsuit, with prejudice, upon receipt of payment of the
$1,999,000 by the CITY by end of July of this year.
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