101189
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing an appropriation of $636,626.35 from the Common Council Contingent Fund to the Remission of Taxes Special Purpose Account and directing payment of a judgment in favor of U.S. Venture against the City in the amount of $540,191.13 plus simple interest at 1% per month from the date of the judgment until date of payment.
Analysis
This resolution authorizes payment of a WI Stat. 74.37 lawsuit judgment against the City for excessive assessments for three oil terminal parcels for 2004 and 2005 in the amount of $424,713.91 plus interest and costs totaling $540,191.13 as of September 2, 2009 plus simple interest of 1% per month thereafter until payment.
Body
Whereas, U.S. Venture has brought suit against the City for allegedly excessive assessments of the properties of three oil terminals; and
Whereas, A civil judgment has been entered against the City on behalf of U.S. Venture for $540,191.13 on September 2, 2009 plus simple interest at 1% per month until date of payment; and
Whereas, The Court of Appeals has decided the City’s appeal in favor of U.S. Venture and the City Assessor and the City Attorney have determined that a petition to the Supreme Court is not appropriate or in the best interests of the City; and
Whereas, A total amount of $750,000 has been budgeted in the 2011 Remission of Taxes Special Purpose Account; and
Whereas, $295,774 plus interest has been encumbered; and
Whereas, There are multiple claims pending seeking remission of taxes alleging excessive assessments under WI Stats. 74.37; and
Whereas, There are 2009 and 2010 cases pending before the Board of Review; and
Whereas, The Common Council of the City of Milwaukee deems it just and expeditious to settle this lawsuit; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that an amount of $636,626.35 be appropriated from the Common Council Contingent Fund Account No. 0001-9990-C001-006300 and placed within the Remission of Taxes Special Purpose Account, and that the proper City officers are authorized and directed to issue a City check in the amount of $540,191.13 plus simple interest at 1% per month from September 2, 2009 until date of payment, made payable to the order of U.S. Venture in final settlement of this lawsuit, said amount up to $636,626.35 be charged to the Remission of Taxes Special Purpose Account No. 001-9990-S163-006300; and, be it
Further Resolved, that for and in consideration of the payment authorized in this resolution, plaintiff and its attorney will provide to the City a satisfaction of judgment of the court action.
Requestor
Assessor’s Office
Drafter
Jro
01/25/11