ALBANY, Ore. (AP) — The city of Albany has accepted $20 million to settle a lawsuit it filed over a promised Gatorade plant that was never built.
The Albany Democrat-Herald reports the deal includes an extra $5 million for the city if PepsiCo subsidiary SVC sells the 242 acres it bought as the intended site.
Back in 2006, SVC said it would build a $165 million beverage plant and a separate bottle-making factory. Company officials scrapped the idea two years later because of market conditions.
The city and Pepsi issued a joint press statement expressing their satisfaction with how the dispute was resolved. The city initially sought more than $100 million.
