The city of Loveland and Loveland developer McWhinney settled a breach of contract lawsuit over its Centerra South development, the city announced Friday.
McWhinney filed the suit against Loveland late last year after Loveland City Council rescinded approval of the development and its master financing agreement , according to past Coloradoan reporting.
At the time, McWhinney said it had spent $10 million on Centerra South after the Loveland Urban Renewal Authority and City Council approved the 140-acre project last May and the master financing agreement the following October, prior to the November election.
The lawsuit asserted that the reversal was an illegal and unconstitutional political move engineered by Loveland Mayor Jacki Marsh and three newly elected council members. City Council ultimately reversed its decision to rescind the agreement in February.
Neither the city nor McWhinney responded to the Coloradoan's requests for terms of the settlement Friday.
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"The City of Loveland and the McWhinney Companies have reached a settlement that resolves the litigation regarding the Centerra South project. Both the City and McWhinney are pleased that the lawsuit has been resolved,” said Michael Plachy, the attorney who represented the city of Loveland, in a statement Friday.
“We look forward to working with the City to bring this project to life,” added Kyle Harris, McWhinney's senior vice president of Master Planned Communities.
Coloradoan reporter Pat Ferrier contributed to this story.
This article originally appeared on Fort Collins Coloradoan: McWhinney, Loveland settle breach of contract lawsuit
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