Nearly 50 property owners whose homes were damaged by landslides in the Abalone Cove area of the Palos Verdes Peninsula will split more than $3.6 million under a proposed settlement agreed to by the homeowners, Los Angeles County and Rancho Palos Verdes.
Under the agreement, the homeowners will also receive up to $150,000 in 30-year, low-interest, fixed-rate loans to repair their homes in exchange for dropping lawsuits they lodged against the county and the city eight years ago after the slide occurred.
The proposed settlement, which has already been approved by Rancho Palos Verdes, will go before the county Board of Supervisors on Sept. 29.
The proposed agreement also will end a second lawsuit in which the county sued Rancho Palos Verdes, arguing that it should not have declared the 80-acre site blighted. The county stood to lose property tax revenue, which in blighted areas may be used by cities for rehabilitation projects under state redevelopment law.