City of Milwaukee - File #: 080605

• File #: 080605
• Version: 0
• Type: Resolution
• Status: Placed On File
• File created: 9/2/2008
• In control: JUDICIARY & LEGISLATION COMMITTEE
• Final action: 9/22/2009
• Title: Resolution approving and authorizing the settlement of judgment for delinquent taxes entered on behalf of the City of Milwaukee by the Kohn Law Firm against Golden Marina Causeway LLC.
• Sponsors: THE CHAIR
• Indexes: LITIGATION, SUITS SETTLEMENT

Date	Ver.	Action By	Action	Result	Tally
9/22/2009	0	COMMON COUNCIL	PLACED ON FILE	Pass	14:0
9/14/2009	0	JUDICIARY & LEGISLATION COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	3:0
10/3/2008	0	CITY CLERK	NOT RETURNED BY COMPTROLLER
9/29/2008	0	JUDICIARY & LEGISLATION COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:1
9/23/2008	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
9/8/2008	0	JUDICIARY & LEGISLATION COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
9/2/2008	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
9/2/2008	0	COMMON COUNCIL	ASSIGNED TO

Number
080605
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving and authorizing the settlement of judgment for delinquent taxes entered on behalf of the City of Milwaukee by the Kohn Law Firm against Golden Marina Causeway LLC.
Analysis
Resolution approving and authorizing the settlement of judgment for delinquent taxes entered on behalf of the City of Milwaukee by the Kohn Law Firm against Golden Marina Causeway LLC.
Body
Whereas, The City of Milwaukee (“the City”) through the Kohn Law Firm(“Kohn”) filed suit against Golden Marina Causeway LLC (“GMC”) in January 2008 for real estate taxes for 2006 for the property located at 311 E. Greenfield; and

Whereas, The above referenced property was assessed at $537,100 for the 2005 tax year; and

Whereas, GMC attempted to sell the above referenced property in 2005 for $9.5 million; and

Whereas, The above referenced property was subsequently assessed at $9,290,400 for the 2006 tax year; and

Whereas, East Greenfield Investors LLC (“EGI”) bought the property in January 2007 for $ 400,000 and the time to request a review of the 2006 assessment had passed; and

Whereas, EGI/GMC requested an assessment review of the 2007 taxes; and

Whereas, The 2007 assessment was lowered from $9.5 million to $3,580,700; and

Whereas, Enforcement of the judgment would be difficult due to EGI’s nominal assets; and

Whereas, The City would not acquire the property because it is on the do not acquire list; and

Whereas, EGI/GMC is actively taken steps to investigate, remediate and redevelopment the above referenced property; and

Whereas, Kohn has negotiated a proposed settlement of the judgment for a total of $101,936.51 and that figure represents the principal, interest and penalties that the taxes for 2006 would have been if the property were assessed at the 2007 value of $3,580,700; and

Whereas, EGI/GMC has already paid the 2007 taxes in full; now, therefore, be it

Resolved, By the Common Council o...