Number
071452
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing an appropriation of $460,000 from the Common Council Contingent Fund to the Remission of Taxes Special Purpose Account and directing payment of a civil judgment in favor of U.S. Bank against the City in the amount of $440,430.03, plus simple interest at 0.8% from January 1-31, 2008, and simple interest at 1.0% thereafter until date of payment.
Analysis
This resolution authorizes payment of a sec. 74.37 lawsuit judgment by U.S. Bank against the City for excessive assessments for 12 branch bank properties from 2001-2006 in the amount of $440,430.03 plus simple interest at 0.8% from January 1-31, 2008, and simple interest at 1.0% thereafter until the date of payment.
Body
Whereas, U.S. Bank has brought suit against the City for allegedly excessive assessments of the properties of 12 branch banks; and
Whereas, A civil judgment has been entered against the City on behalf of U.S. Bank for $440,430.03 plus simple interest at 0.8% for the month of January, 2008, and simple interest at 1.0% thereafter until the date of payment; and
Whereas, The Assessor’s Office and the City Attorney have determined that an appeal is not appropriate or in the best interests of the City; and
Whereas, A total amount of $500,000 has been budgeted in the 2008 Remission of Taxes Special Purpose Account; and
Whereas, There are multiple claims pending seeking remission of taxes alleging excessive assessments under the procedures in s. 74.37, Wis. Stats.; and
Whereas, The Common Council of the City of Milwaukee deems it just and expeditious to settle this lawsuit; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that an amount of $460,000 be appropriated from the 2008 Common Council Contingent Fund Account No. 0001-9990-C001-006300 and placed within the 2008 Remission of Taxes Special Purpose Account, and that the proper City officers are authorized and directed to issue a City check in the amount of $440,430.03 plus simple interest at 0.8% for the period January 1-31, 2008, and simple interest at 1.0% thereafter until date of payment, made payable to the order of U.S. Bank and the law firm of Michael, Best & Friedrich in final settlement of this lawsuit, said amount up to $460,000 to be charged to the 2008 Remission of Taxes Special Purpose Account No. 001-9990-S163-006300; and be it
Further Resolved, That for and in consideration of the payment authorized in this resolution, plaintiff and its attorney will provide to the City a satisfaction of judgment of the court action.
Requestor
City Attorney
Drafter
LRB08071-2
RLW
3/10/2008