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 of the City of Milwaukee, that the Judgment against GMC be settled for $101,936.51 with the remaining tax principal of $107,270.83 to be charged to the Remission of Taxes Fund, (Fund 0001-Org 2210-Program 1241-Class S163-Acount 636508), said check to be delivered to the Customer Services Division of the Office of the City Treasurer; and, be it
Further Resolved, That the accrued delinquent interest, penalties, fees, and costs for levy year 2006 are hereby cancelled.
Requestor
City Attorney
Drafter
City Attorney
MTC:mtc
Date:
08/25/08
136252
Technical correction made on 8/26/08 - LME in the Resolved Clause