City of Milwaukee - File #: 050648

• File #: 050648
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/7/2005
• In control: JUDICIARY & LEGISLATION COMMITTEE
• Final action: 9/27/2005
• Title: Resolution authorizing and approving the settlement agreement between the City of Milwaukee (“City”) and Kmart Corporation for $44,722.15 in exchange for the amount of $31,305.51 as full settlement regarding personal property taxes, account numbers 8471-0009 and 8471-0040 for tax year 2001, pursuant to an Amended Order Disallowing and Expunging or Otherwise Reducing or Reclassifying Certain Claims Set Forth in the Nineteenth Omnibus entered on April 12, 2004, by the United States Bankruptcy Court, for the Northern District of Illinois, Case No. 02-02474, the Hon. Susan Pierson Sonderby, presiding.
• Sponsors: THE CHAIR
• Indexes: LITIGATION, TAXATION

Date	Ver.	Action By	Action	Result	Tally
10/6/2005	0	MAYOR	SIGNED
9/27/2005	0	COMMON COUNCIL	ADOPTED	Pass	15:0
9/19/2005	0	JUDICIARY & LEGISLATION COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
9/12/2005	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
9/7/2005	0	COMMON COUNCIL	ASSIGNED TO

Number
050648
Version
ORIGINAL
Reference

Sponsor
THE CHAIR

Title
Resolution authorizing and approving the settlement agreement between the City of Milwaukee (“City”) and Kmart Corporation for $44,722.15 in exchange for the amount of $31,305.51 as full settlement regarding personal property taxes, account numbers 8471-0009 and 8471-0040 for tax year 2001, pursuant to an Amended Order Disallowing and Expunging or Otherwise Reducing or Reclassifying Certain Claims Set Forth in the Nineteenth Omnibus entered on April 12, 2004, by the United States Bankruptcy Court, for the Northern District of Illinois, Case No. 02-02474, the Hon. Susan Pierson Sonderby, presiding.
Analysis
The Resolution approves and authorizes the settlement agreement between the City of Milwaukee and Kmart Corporation for $44,722.15 in exchange for the amount of $31,305.51 as full settlement regarding personal property taxes, account numbers 8471-0009 and 8471-0040 for tax year 2001, pursuant to an Amended Order Disallowing and Expunging or Otherwise Reducing or Reclassifying Certain Claims Set Forth in the Nineteenth Omnibus entered on April 12, 2004, by the United States Bankruptcy Court, for the Northern District of Illinois, Case No. 02-02474, the Hon. Susan Pierson Sonderby, presiding2.
Body
Whereas, On January 22, 2002 ("Petition Date"), Kmart and certain of its subsidiaries and affiliates (collectively “Kmart”) filed a voluntary petition in the United States Bankruptcy Court for the Northern District of Illinois (Eastern Division) (the "Bankruptcy Court") for reorganization relief under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. Sections 101, et seq., as amended (the "Bankruptcy Code"). Since that time Kmart has remained in possession of its property and has continued to operate its business pursuant to Sections 1107 and 1108 of the Bankruptcy Code, eventually emerging from bankruptcy pursuant to a confirmed Plan of Reorganization which became effective M...