4.02 4.2
ASSESSMENTS\Settle Wal-Mart—9-9-2024
RESOLUTION AUTHORIZING SETTLEMENT OF
PROPERTY ASSESSMENT CASES FILED BY
WAL-MART REAL ESTATE BUS TRUST #USO4403
RESOLUTION NO.: , 2024
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS,Wal-Mart Real Estate Bus Trust 4USO4403 ("Petitioner"),filed Article 7 Real
Property Assessment Review cases against the Town challenging the 2022 through 2024
assessments on real property located at 24 Quaker Ridge Boulevard, in the Town of Queensbury,
New York (Tax Map Parcel 4 303.15-1-25.1), and
WHEREAS, it appears to be in the best interests of the Town to avoid the significant costs
that would result if the litigation continues and goes to trial, and
WHEREAS, the Town Assessor now recommends proposed settlement terms which have
been negotiated with Petitioner, and
WHEREAS, it is expected that the School District will approve the proposed settlement
terms,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby approves the proposed settlement of
the tax assessment cases filed by Wal-Mart Real Estate Bus Trust 4USO4403 as follows:
1) All RPTL Article 7 assessment Proceedings commenced by Petitioner shall be
discontinued.
2) There shall be no reduction to the assessments on the 2022 and 2023 assessment
rolls. The assessed value for Tax Map Parcel 4 303.15-1-25.1 shall be reduced to
$8,750,000 for the 2024 assessment roll. In the event refunds become due as a
result of this reduction, there shall be no interest on any refunds if they are paid
within 60 days of service of the Settlement Order.
3) The assessed value for Tax Map Parcel 4 303.15-1-25.1 shall be fixed at$8,750,000
for the 2025 through 2027 assessment rolls subject to limited exceptions.
and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor,
Deputy Town Supervisor, Town Assessor, Town Clerk 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 9 h day of September, 2024, by the following vote:
AYES
NOES
ABSENT: