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File #: 26-14730    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 12/22/2025 In control: City Council
On agenda: 1/21/2026 Final action:
Title: Subject: Settlement Agreement and Release of all claims pertaining to the interpleader action: In Re: 10505 Madrone Court, by which the City will recover $318,786.74 of the excess funds from the foreclosure sale of the property at that named address, which was previously included in the City’s below market rate housing program.
Sponsors: Kirsten Squarcia
Attachments: 1. Staff Report, 2. A - Stipulated Judgment and Request for Disbursement of Funds, 3. B - Settlement Agreement and Mutual Release

Title

Subject: Settlement Agreement and Release of all claims pertaining to the interpleader action: In Re: 10505 Madrone Court, by which the City will recover $318,786.74 of the excess funds from the foreclosure sale of the property at that named address, which was previously included in the City’s below market rate housing program.

 

Recommended Action

Approve the terms of the Settlement Agreement and Release (“Agreement”) and authorize the Mayor to execute the Agreement on behalf of the City.