Number
141708
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing settlement of the property tax assessment lawsuit of U.S. Bank v. City.
Analysis
This resolution authorizes the settlement of the lawsuit against the City entitled U.S. Bank v. City of Milwaukee, Milwaukee County Case No. 13-CV-6666.
Body
Whereas, The City of Milwaukee has assessed the U.S. Bank tower in the City of Milwaukee for the years 2012-2013; and
Whereas, U.S. Bank has objected to those assessments as excessive; and
Whereas, U.S. Bank has filed a Wis. Stat. sec. 74.37 lawsuit against the City; and
Whereas, The City and U.S. Bank have exchanged professional appraisal reports; and
Whereas, The City and U.S. Bank have each decided to compromise their claims against the other; and
Whereas, The City will refund 2012 and 2013 property taxes to U.S. Bank in the amount of $631,220.82 in return for a full release of U.S. Bank's pending lawsuit against the City; and
Whereas, The City will recoup approximately 68% of its tax refund to U.S. Bank from the other taxing jurisdictions; now therefore, be it
Resolved, That the City Assessor and the City Attorney are authorized to obtain and execute an appropriate settlement and release from U.S. Bank; and, be it
Further Resolved, That the Comptroller is authorized to refund 2012 and 2013 property taxes in the amount of $631,220.82 to U.S. Bank from the remission of taxes fund, 001 ORG 9990 Program 0001 Sub-class S163 Account 006300, as soon as funding is available, in exchange for the settlement and release in Milwaukee County Case No. 13-CV-6666.
Requestor
City Attorney
Drafter
VDM:213650
March 18, 2015
1056-2014-387