101189
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing an appropriation of $636,626.35 from the Common Council Contingent Fund to the Remission of Taxes Special Purpose Account and directing payment of a judgment in favor of U.S. Venture against the City in the amount of $540,191.13 plus simple interest at 1% per month from the date of the judgment until date of payment.
Analysis
This resolution authorizes payment of a WI Stat. 74.37 lawsuit judgment against the City for excessive assessments for three oil terminal parcels for 2004 and 2005 in the amount of $424,713.91 plus interest and costs totaling $540,191.13 as of September 2, 2009 plus simple interest of 1% per month thereafter until payment.
Body
Whereas, U.S. Venture has brought suit against the City for allegedly excessive assessments of the properties of three oil terminals; and
Whereas, A civil judgment has been entered against the City on behalf of U.S. Venture for $540,191.13 on September 2, 2009 plus simple interest at 1% per month until date of payment; and
Whereas, The Court of Appeals has decided the City’s appeal in favor of U.S. Venture and the City Assessor and the City Attorney have determined that a petition to the Supreme Court is not appropriate or in the best interests of the City; and
Whereas, A total amount of $750,000 has been budgeted in the 2011 Remission of Taxes Special Purpose Account; and
Whereas, $295,774 plus interest has been encumbered; and
Whereas, There are multiple claims pending seeking remission of taxes alleging excessive assessments under WI Stats. 74.37; and
Whereas, There are 2009 and 2010 cases pending before the Board of Review; 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 $636,626.35 be appropriated from the Common Council Contingent Fund Ac...
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