Austin Pays Stratus Properties Final $6.9 Mil of Settlement Award

AUSTIN-City officials will pay $6.9 million to Stratus Properties, bringing its Circle C infrastructure reimbursement settlement to $17.4 million. The city had paid $10.5 million in 1999. In exchange, Stratus will be dropping its lawsuit against Austin.

By Jackie Isaly | Updated on December 19, 2000

AUSTIN-Stratus Properties Inc. has received $6.9 million as the final settlement payment in a lawsuit with the city over reimbursement for water utility costs related to Austin’s annexation of Stratus’ Circle C development. Circle C is owned by Circle C Land Corp., a subsidiary of Stratus. The 1,000-acre property lies in southwest Austin.

Stratus will use the $6.9 million to reduce its outstanding debt to $9.5 million. The Austin-based developer is a diversified real estate company that specializes in development, management and marketing of property in Austin, Dallas, Houston and San Antonio.

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