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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: