299.2003
RESOLUTION AUTHORIZING SETTLEMENT OF PENDING
ARTICLE 7 REAL PROPERTY ASSESSMENT CASES
COMMENCED BY PYRAMID COMPANIES – AVIATION MALL
RESOLUTION NO.: 299, 2003
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
WHEREAS, Pyramid Companies previously commenced Article 7 Real Property Assessment
Review cases against the Town of Queensbury concerning certain portions ofthe Aviation Mall
property (Tax Map No.’s: 302.05-1-92.1, 302.05-1-92.2, 302.05-1-92.3 and 302.09-1-47) for tax
years 1995/96 through 2002/03, and
WHEREAS, the Town Assessor and the Town Board have reviewed the cases and the
proposed settlement of themwith Town Counsel, and
WHEREAS, the Assessor and the Town Board have concluded that under the facts and
circumstances it would be in the Town’s best interest to settle these cases on the terms negotiated
rather than litigate them, and
WHEREAS, counsel for the Queensbury Union Free School District has advised that they will
recommend that theSchool Board approve the proposed settlement and suchapproval is expected,
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 Pyramid Companies for tax years 1995/96 through
2002/03 concerning the Aviation Mall property (Tax Map No.’s: 302.05-1-92.1, 302.05-1-92.2,
302.05-1-92.3 and 302.09-1-47), as follows:
1.In settlement of the cases for tax years 1995/96 through 2001/02 the Town shall
pay as a refund to Pyramid the Town’s proportional share of the sum of $100,000
with $100,000 being the total amount necessary to settle these cases collectively.
The Town’s share of the $100,000 payment shall be in the same proportion that
the Town’s overall tax rate (including the Town tax rate as well as the tax rates for
water, fire protection, EMS, library and street lighting) bears to the combined rate
for Town, County and School taxes; and
2.In settlement of the cases for tax year 2002/03 the Town shall pay as a refund to
Pyramid, the Town’s proportional share of the sum of $155,000. The Town’s
share of the $155,000 payment shall be as provided in Paragraph 1, above; and
3.The combined property tax assessment on the above-referenced tax map parcels
for 2002 shall be revised from $44,693,000 to $38,000,000. However, Paragraph
2 above shall govern and limit the refund payment to Pyramid to the total sum of
$155,000, payable in proportional shares by the Town of Queensbury, Warren
County and the Queensbury Union Free School District, with the Town’s
proportional share of that payment to be as provided in Paragraph 2 above; and
4.The combined property tax assessment on the above-referenced tax map parcels
(or their successor parcels if merged or re-numbered) for 2003 and 2004 shall be
fixed at $38,000,000, subject to change in accordance with Paragraph 6 below and
§
New York State Real Property Tax Law 727, except that the combined
assessment shall not be increased as a result of any Town-wide revaluation or
update of the Town’s assessment roll which would otherwise be effective for those
assessment years; and
5.The combined property tax assessment on the above-referenced tax map parcels
(or their successor parcels if merged or re-numbered) for 2005 and 2006 shall be
fixed at $38,500,000, subject to change in accordance with Paragraph 6 below and
§
New York State Real Property Tax Law 727 except that the combined
assessment shall not be increased as a result of any Town-wide revaluation or
update of the Town’s assessment roll which would otherwise be effective for those
assessment years; and
6.The combined property tax assessment on the above-referenced tax map parcels
(or their successor parcels if merged or re-numbered) shall be reduced by
$6,500,000 if Pyramid conveys a certain parcel, identified as Tax Map No. 302.5-
1-92.12, to an unrelated third party and ceases all leasing activity in that area.
Such assessment reduction shall not be effective until the taxable status date on or
after which the subject conveyance occurs. If the conveyance occurs and the
$6,500,000 assessment reduction becomes effective, it shall remain effective
through and including the 2006 assessment year (2006/07 tax year), subject only to
§
revisions in accordance with New York State Real Property Tax Law 727 as
provided for in Paragraphs 4 and 5 above;
and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs payment of any and all refunds
without interest to Pyramid Companies or their Counsel (Devorsetz, Stinziano, Gilberti, Heintz &
Smith, P.C.) upon the filing of a Stipulation of Settlement and Order signed by all parties and the
Supreme Court Judge presiding over these cases, 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.
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Duly adopted this 16 day of June, 2003, by the following vote:
AYES : Mr. Brewer, Mr. Brower, Mr. Boor, Mr. Turner, Mr. Stec
NOES : None
ABSENT: None