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City To Pay $7 Million To Settle Great Plains Lawsuit
posted 11:37 am Fri June 27, 2008 - Tulsa
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A lawsuit over the now-defunct Great Plains Airlines has finally been settled.
The 7-million dollar lawsuit was filed several years ago over the Airport Authority's guarantee of a loan for the airline.
Thursday morning, the Airport Authority signed off on a settlement agreement. Mayor Kathy Taylor also approved the plan and sent it to the city council for discussion.
City councilors agreed to the settlement proposal at Thursday night's meeting.
The mayor says it was time to settle the matter and move on.
"It impacts the credit rating of the airport and their ability to expand," the mayor said. "We've got business out there -- Spirit, American, Nordan, Lufthansa -- who are willing and ready to add additional space. We need to move on with that and not continue to spend legal fees on a risky battle."
The seven-million dollars will be paid from the city's sinking fund. It comes from property taxes and is used to pay legal judgements against the city.
Thursday morning, the Airport Authority signed off on a settlement agreement. Mayor Kathy Taylor also approved the plan and sent it to the city council for discussion.
City councilors agreed to the settlement proposal at Thursday night's meeting.
The mayor says it was time to settle the matter and move on.
"It impacts the credit rating of the airport and their ability to expand," the mayor said. "We've got business out there -- Spirit, American, Nordan, Lufthansa -- who are willing and ready to add additional space. We need to move on with that and not continue to spend legal fees on a risky battle."
The seven-million dollars will be paid from the city's sinking fund. It comes from property taxes and is used to pay legal judgements against the city.
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