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Summit/Greenfield brought the suit against the town in April of 2011 and accused the Town Board of preventing development on its 114-acre property. The company petitioned to build 199 condos and townhouses, but was approved for only 111 units.
In March, however, the board initiated a proposal that would allow Summit/Greenfield to develop 120,000 square-feet of retail space on its site. Summit/Greenfield has agreed to dismiss its lawsuit if the zoning change is approved.
Under its agreement with the town, Summit/Greenfield reserves the right to resume litigation if the zoning petition is not approved.
In a written statement, the town board wanted to be clear that the agreement will not sway its decision on the proposal, and that it is not committing the board to approve Summit/Greenfield's petition.
"The Town Board and Planning Board will make decisions in the future about the petition and applications before them based on their assessment of what is best for the Town from a planning perspective ...," the statement said.
Also settled in the agreement was a counter-suit the town brought against Summit/Greenfield seeking approximately $1.5 million in unpaid review fees from the housing proposal. Summit/Greenfield agreed to pay the town $905,000 on or before Dec. 21, according to the settlement, and that agreement is not revocable.
The agreement does not settle tax certiorari claims made by Summit/Greenfield that its property is overvalued. That lawsuit will be litigated, or settled, separately.
"With the Town's review fees claim resolved, and with the prior litigations suspended and subject to dismissal, all parties, including the Town, Summit/Greenfield and the citizens of New Castle, will be able to focus on the current retail proposal for the site," the board's statement concluded.
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