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241.2006 RESOLUTION AUTHORIZING SETTLEMENT OF PENDING ARTICLE 7 REAL PROPERTY ASSESSMENT CASES COMMENCED BY FIRST NIAGARA BANK RESOLUTION NO.: 241, 2006 INTRODUCED BY: Mr. John Strough WHO MOVED ITS ADOPTION SECONDED BY: Mr. Daniel Stec WHEREAS, First Niagara Bank (“First Niagara”), previously commenced Article 7 Real Property Assessment Review cases against the Town of Queensbury in 2004 and 2005 concerning the assessments on property located at 123 Quaker Road, Queensbury (Tax Map No.: 296.19-1-2) and WHEREAS, the Town Assessor has recommended a settlement proposal to the Town Board and the Town Board has reviewed the cases with Town Counsel, and WHEREAS, the Board of the Queensbury Union Free School District is anticipated to approve 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 First Niagara for the 2004/05 and 2005/06 tax years on its parcel (Tax Map # 296.19-1-2) by fixing the assessed values for that parcel as follows: 123 Quaker Road : (Tax Map No.: 296.19-1-2) Tax Year Assessment 2004/05 $1,412,400 (unchanged) 2005/06 $1,641,100 (unchanged) 2006/07 $1,475,000 2007/08 $1,475,000 2008/09 $1,475,000 and BE IT FURTHER, RESOLVED, that no refunds shall be paid in the settlement of the pending cases, and BE IT FURTHER, RESOLVED, that the assessment on the parcel (Tax Map # 296.19-1-2) shall be remain at $1,475,000 for the next three tax years (2006/07, 2007/08 and 2008/09) even if the Town undertakes a Town-wide revaluation or update that might otherwise increase the assessment, and BE IT FURTHER RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, Town Assessor, 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. st Duly adopted this 1 day of May, 2006, by the following vote: AYES : Mr. Boor, Mr. Sanford, Mr. Strough, Mr. Stec NOES : None ABSENT: Mr. Brewer