Beatrice Council to Vote on Lawsuit Settlement

By: Associated Press
By: Associated Press

The Beatrice City Council is expected to vote on a settlement with State Bank of Odell.

The bank had sued Beatrice because the city guaranteed a 2005 loan to Blue Valley Automation when the company operated in Gage County Industrial Park.

Blue Valley was created to make packaging equipment for wood flooring. It never paid off the loan and is defunct.

The city denied the bank's $200,000 claim in September 2010, saying the loan guarantee had expired.

The bank sued the city, and in November a judge ruled the city must pay the bank more than $293,000, which includes interest.

The council is expected to vote on the settlement on Monday.

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