3.19 3.19
ASSESSMENTS\Settle Kmart—9-11-17
RESOLUTION AUTHORIZING SETTLEMENT OF PENDING
ARTICLE 7 REAL PROPERTY ASSESSMENT CASES
COMMENCED BY TROY CMBS PROPERTY, LLC
REGARDING KMART STORE PROPERTY
RESOLUTION NO.: , 2017
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS, Troy CMBS Property LLC previously commenced an Article 7 Real
Property Assessment Review case against the Town of Queensbury for tax years 2004-2016
concerning the assessment on its Kmart Store property located at 49 Dix Avenue in the Town of
Queensbury (Tax Map No.: 303.19-1-17) and
WHEREAS, it appears to be in the best interests of the Town to avoid significant costs
that would result if the litigations continues and goes to trial, and
WHEREAS, the Town Assessor has recommended a settlement proposal to the Town
Board and the Town Board has reviewed the case with Town Counsel, and
WHEREAS, the Queensbury Union Free School District will be recommending approval
of the proposed settlement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby approves the settlement of the
pending Article 7 cases against the Town of Queensbury brought by Troy CMBS Property LLC
concerning its K-Mart Store property for the 2004 through 2016 tax years concerning the
assessment on property located at 49 Dix Avenue in the Town of Queensbury (Tax Map No.:
303.19-1-17) as follows:
1) A lump sum total refund of $750,000 shall be apportioned between the Town,
Queensbury School District; Special District; and County taxing jurisdictions in
accordance with their respective percentages;
2) The Proceedings challenging the 2004 through 2016 assessments shall be
discontinued; and
BE IT FURTHER,
RESOLVED, that unless otherwise ordered by the Court, refunds based upon the
reductions of the 2004 through 2016 assessments shall be paid without interest provided they are
paid within sixty (60) days after Petitioner serves a copy of the filed Court Order approving the
settlement, with Notice of Entry, on the Town and on the Warren County Treasurer, together
with the necessary Demand for Payment, and
BE IT FURTHER,
RESOLVED, that assessments for the next three (3) tax years shall be set as follows:
Tax Year Assessment
2017 $5,000,000
2018 $5,000,000
2019 $5,000,000
and
BE IT FURTHER,
RESOLVED, that approval of this Settlement Agreement is contingent upon Town
Counsel's review and approval of the Stipulation of Settlement and Order, and
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor,
Town Assessor, Town Budget Officer and/or Town Counsel to execute settlement documents
and take any additional steps necessary to effectuate the proposed settlement in accordance with
the terms of this Resolution.
Duly adopted this 11th day of September, 2017, by the following vote:
AYES
NOES
ABSENT: