WEST HARTFORD, Conn., Feb. 3 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE: TCO), and the Town of West Hartford, Conn., today announced the resolution of a lawsuit brought by the Town against the owner of Westfarms mall and affiliated parties (together, "Westfarms"). The settlement resolves a longstanding dispute between the Town and Westfarms relating to the development of Blue Back Square with an agreement by Westfarms to pay $4.5 million to the Town. The agreement was approved at a public meeting of the West Hartford Town Council this evening.
West Hartford Mayor Scott Slifka said, "I am pleased that the Council has accepted the settlement. Hopefully we can now close this chapter and return to a cooperative and mutually beneficial relationship with Westfarms and its manager, The Taubman Company."
"We are pleased that we were able to reach a mutually satisfactory compromise and settlement of this lawsuit," said Robert S. Taubman, chairman, president, and chief executive officer of Taubman Centers, Inc., on behalf of Westfarms. "As a member of this community for nearly 40 years, we look forward to continuing to work with West Hartford to bring the most up-to-date shopping experience to our Westfarms customers."
Westfarms mall is owned by a joint venture, and Taubman's share of the settlement payment, $3.6 million, will be reflected in its fourth quarter 2009 financial results. The Town, in turn, has agreed to a full release of Westfarms and a withdrawal with prejudice of the case. There was no admission of fault or liability by any party.
West Hartford is located in central Connecticut adjacent to and west of the City of Hartford, the state capital. The Town encompasses 22.2 square miles and has a population of 61,046 (2000 Census). The Town of West Hartford prides itself on its overall attractiveness, customer service, citizen involvement, public safety and education, all characteristics that make it a desirable place to live. More information on West Hartford is available at www.west-hartford.com.
Taubman Centers is a real estate investment trust engaged in the development and management of regional and super regional shopping centers. The company has a 79 percent indirect investment in Westfarms Associates, an unconsolidated joint venture which owns Westfarms Mall. Taubman Centers is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong. For more information about Taubman, visit www.taubman.com.
For ease of use, references in this press release to "Taubman Centers," "company" or "Taubman" mean Taubman Centers, Inc. or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the continuing impacts of the U.S. recession and global credit environment, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
SOURCE Taubman Centers, Inc.