416.2002
RESOLUTION AUTHORIZING ENGAGEMENT OF EMPIRE STATE
APPRAISAL CONSULTANTS, INC. TO PREPARE APPRAISAL IN
CONNECTION WITH ARTICLE 7 ASSESSMENT CASES COMMENCED
BY KONOVER PROPERTY TRUST AND CPG FINANCE II –
LOG JAM MALL PROPERTY
RESOLUTION NO.: 416, 2002
INTRODUCED BY: Mr. Daniel Stec
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Roger Boor
,
WHEREAS the Town is engaged in litigation with Konover Property Trust and CPG
Finance II regarding real property tax assessments on the Log Jam Mall property for the years
2001 and 2002, and
,
WHEREAS the total assessed value of the property for each of the years in question is
approximately $3,189,300 and the tax amounts in dispute are substantial and could result in
significant refunds to the property owners if the Petitioners prevail in the litigation, and
,
WHEREAS the firm of Empire State Appraisal Consultants, Inc. (ESAC) is a reputable
and established appraisal company, with 27 years of experience, including extensive experience in
appraising malls and other commercial properties, and
WHEREAS, ESAC has appraised other commercial property for the Town and its
performance and services have been entirely satisfactory and have materially contributed to the
ability of the Town to settle past tax assessment litigation without the need for trial, and
WHEREAS, ESAC has proposed to prepare preliminary and final appraisals for the
Town’s use in settlement discussions and litigation, with its fee for the preliminary appraisal not to
exceed $3,500 and its fee for a final, trial-ready appraisal, if necessary, not to exceed $3,500 (for
a total of $7,000), with the costs of ESAC ’s work to be shared equally by the Town and the Lake
George School District and
WHEREAS, the School Board has approved retaining ESAC to perform the needed
appraisal work on the stated terms, with the costs to be shared equally by the Town and the
School District, and
WHEREAS, the Assessor and Town Counsel recommend that ESAC be retained to
provide the necessary appraisal services on the proposed terms, with the cost to be divided
equally between the Town and the Lake George School District,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes and directs engagement
of Empire State Appraisal Consultants, Inc. (ESAC) to prepare a preliminary appraisal and, if
necessary, a final appraisal of the Konover Property Trust / CPG Finance II property, known as
the “Log Jam Mall” for the years 2001 and 2002 for the Town’s use in property tax assessment
litigation, with the cost for such preliminary appraisal not to exceed $3,500 and the cost of a final
appraisal, if necessary, not to exceed $3,500 (for a total of $7,000), which costs shall be divided
equally between the Town and the Lake George School District, with the Town’s portion to be
paid from the Assessor’s Department Article 7 Account No.: 001-1355-4740, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Assessor,
Town Counsel and/or Town Supervisor to take any action necessary to effectuate the terms of
this Resolution.
st
Duly adopted this 21 day of October, 2002, by the following vote:
AYES : Mr Brewer, Mr. Brower, Mr. Boor, Mr. Turner, Mr. Stec
NOES : None
ABSENT : None