262.2003
RESOLUTION AUTHORIZING SETTLEMENT OF PENDING
ARTICLE 7 REAL PROPERTY ASSESSMENT CASES
COMMENCED BY KONOVER PROPERTY TRUST / CPG FINANCE
RESOLUTION NO.: 262, 2003
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, Konover Property Trust previously commenced an Article 7 Real Property
Assessment Review case for the 2001/02 tax year against the Town of Queensbury concerning a
certain parcel located on Route 9 and identified as having Tax Map No.: 288.12-1-17, and
WHEREAS, CPG Finance (CPG) bought such property and commenced Article 7 Real
Property Assessment Review cases against the Town for the 2002/03 tax year, 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, counsel for the Lake George Central School District has advised that upon
Town Board approval of the proposed settlement, counsel will also recommend School Board
approval,
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 by Konover Property Trust / CPG
Finance (CPG) for the 2001/02 and 2002/03 tax years concerning the property identified as Tax
Map No.: 288.12-1-17 in accordance with the following revised assessment values:
Tax Year: Current Assessment Revised Assessment
2001/02 $3,189,300 Unchanged
2002/03 $3,189,300 $2,100,000
and
BE IT FURTHER,
RESOLVED, that this Board acknowledges that the Assessor will set the 2003/04
assessment of the subject parcel at a value of $1,700,000 and that such value shall remain
unchanged for the 2004/05 and 2005/06 tax years, or until such time as the Town adopts a Town-
wide revaluation or the Petitioner alters the subject parcel or its use in a manner that would render
the assessment otherwise subject to revision under Section 727 of the Real Property Tax Law,
and
BE IT FURTHER
RESOLVED that the assessment revisions set forth and approved in this Resolution are
contingent upon Konover discontinuing its Article 7 Real Property Assessment Review case for
tax year 2001/02, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs payment of any and all refunds
with interest to CPG within forty-five (45) days from the date that a Demand for Refunds is
served upon the Town of Queensbury, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor,
Town Assessor 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.
th
Duly adopted this 19 day of May, 2003, by the following vote:
AYES : Mr. Brewer, Mr. Brower, Mr. Boor, Mr. Turner, Mr. Stec
NOES : None
ABSENT: None