The Palm Coast City Council voted 4-1 to settle a lawsuit by purchasing 259 acres from the Town Center developer for $17 million. The agreement forces the city to assume $1.9 million in debt and remove $775,000 in annual property tax revenue from the tax rolls, including $620,000 to the city. City officials think the settlement prevents worse financial losses from litigation and secures control over the property, which they see as an investment.
