Number
131258
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing settlement of the lawsuit entitled Pierce Milwaukee, LLC v. Wisconsin Department of Revenue, to cancel real estate taxes levied against certain parcels identified by Tax Key No. 355-0431-116-1, 2202 N. Bartlett Avenue, and Tax Key No. 356-0312-111-0, 2121 N Farwell Avenue, Milwaukee, (Pierce Milwaukee LLC), on the 2010 and 2011.
Analysis
This resolution requires the cancellation of taxes because of a decrease in assessment as made by the Wisconsin Tax Appeals Commission of the Wisconsin Department of Revenue, the issuance of checks to the City Treasurer or taxpayer as applicable, and the proper reductions of State Tax Credits by journal entries.
Body
Whereas, An assessment was made against the real estate property know as Tax Key Number 355-0431-116-1 in the amount of $3,732,900 (Land: $3,732,800 - Improvements: $100), and 3,920,700 (Land: $3,920,600 - Improvements: $100), for the years 2010and 2011 respectively, and Tax Key Number 356-0312-111-0 in the amount of 1,906,400 (Land: $1,906,300 - Improvements: $100) and 2,002,200 (Land: $2,002,100 - Improvements: $100) ), for the years 2010 and 2011 respectively; and
Whereas, The Wisconsin Tax Appeals Commission of the Wisconsin Department of Revenue has decreased the assessments for Tax Key Number 355-0431-116-1 to $2,715,100 (Land: $1,430,900 - Improvements: $1,284,200), for a reduction of $1,017,800 and 2,851,700 (Land: $1,502,900 - Improvements: $1,343,800), for the years 2010and 2011 respectively, and Tax Key Number 356-0312-111-0 to 680,900 (Land: $380,800 - Improvements: $100) for a reduction of $1,225,500 and 715,200 (Land: $715,100 - Improvements: $100) ), for a reduction of $1,287,000 for the years 2010 and 2011 respectively, and;
Whereas, It is further stipulated that Pierce Milwaukee, LLC waives the right to any interest due under Wis. Stat. sec. 70.511(2)(b); now, therefore, be it
Resolved, By the C...
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