Denison approves settlement agreement with apartment owners
DENISON, Texas (KXII) - For the new owners of the East Coast and Circle Apartments in Denison, time is of the essence.
“Council went into executive session after our last council meeting, and they decided to approve a settlement agreement between the city of Denison and AB Sherman Holding, LLC,” Denison’s Communication & Media Manager, Emily Agans stated.
Earlier this year the city of Denison filed a lawsuit against ‘Apex’, the former owners of two “all bills paid” apartment complexes whose utilities were nearly disconnected due to nonpayment last winter.
AB Sherman stepped in and bought the properties, the Circle Apartments and East Coast Apartments.
Although the properties are under new ownership, there is still progress that needs to be made according to the settlement agreement with the city.
“They’ll have to pay back our attorney’s fees that were accrued during the lawsuit. They’ll also have to meet a schedule of certain benchmarks for work that has to be done. and that will have to be by June 1st,” Agans continued.
Some of the benchmarks include repairing plumbing, electrical, HVAC, fixtures, and dry wall.
If the owners don’t satisfy the agreement, they may have to return to court.
“So the settlement agreement doesn’t cancel out the lawsuit. so the lawsuit is still open. and if these things aren’t met, we can go back to court at that time,” Agans explained.
The court could then decide that both properties should be demolished.
We’ll keep watching.
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