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Title:
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Resolution authorizing the Port of San Francisco to execute the settlement agreement between the Port Commission and Bauer’s Intelligent Transportation, Inc. (“Bauer”) to resolve outstanding claims, satisfy two terminated agreements, settle debt in excess of $6,900,982 and allow Bauer to continue and extend its tenancy under Lease No. L-15004 for premises at Pier 50 (“Premises”) in exchange for Bauer: 1) paying Port $859,309; 2) installing a fire suppression sprinkler system in Pier 50, Shed C; 3) paying Port $2,430,477.56 ($2,359,687 plus finance fee equal to 3%) over 60 months; and 4) accepting the jurisdiction of the Superior Court of San Francisco County, which obligations are enforceable through a stipulated judgment.
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