UWA reaches settlement with Capstone
Published 3:13 pm Wednesday, April 14, 2010
The University of West Alabama has announced that it has reached a settlement with Capstone Development Corp. regarding a claim made by Capstone seeking payment for work it says it performed in planning the development of residential housing on campus.
The matter had been placed on the agenda of the Alabama State Board of Adjustment, but prior to the State Board meeting on March 16, 2010, UWA was informed by Capstone that the company would withdraw its $5.1 million claim for a payment of $850,000. On April 13, the UWA Board of Trustees Executive Committee authorized University President Dr. Richard D. Holland to implement the terms of the settlement.
Holland said that although UWA admits no liability in the case, reaching the settlement will allow the University to move forward with its recently approved master facilities plan, which includes as a priority the construction of student housing.
Holland added, “The University is most appreciative of the support of our faculty, staff, students, alumni, and friends who aided the institution in reaching this settlement through their many contacts, emails, visits, and telephone calls.”