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181.2009 RESOLUTION AUTHORIZING SETTLEMENT OF PENDING ARTICLE 7 REAL PROPERTY ASSESSMENT CASES COMMENCED BY JOHN NIGRO/ UPPER GLEN STREET ASSOCIATES, LLC RESOLUTION NO.: 181, 2009 INTRODUCED BY: Mr. Tim Brewer WHO MOVED ITS ADOPTION SECONDED BY: Mr. Ronald Montesi WHEREAS, John Nigro/Upper Glen Street Associates, LLC previously commenced Article 7 Real Property Assessment Review cases against the Town for tax years 2005/06, 2006/07, 2007/08 and 2008/09 concerning assessments on five (5) parcels of commercial property located on Upper Glen Street, Queensbury (Tax Map Nos.: 302.6-1-22; 302.6-1-23; 302.6-1-24; 302.6-1-25; 302.6-1-26), 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 Queensbury Union Free School District has approved the proposed settlement, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby approves the settlement of the pending Article 7 proceedings filed by John Nigro/Upper Glen Street Associates, LLC and identified above as follows: 2006 Tax Map # Current AV Proposed AV Reduction Spec Dist Refund 302.6-1-22 650,000 570,000 80,000 176.88 302.6-1-23 39,000 25,400 13,600 30.07 302.6-1-24 415,000 415,000 0 0.00 302.6-1-25 4,130,000 3,849,600 280,400 619.96 302.6-1-26 579,000 540,000 39,000 86.23 Totals $5,400,000 413,000 913.14 2007 Tax Map # Current AV Proposed AV Reduction Spec Dist Refund 302.6-1-22 650,000 570,000 80,000 187.36 302.6-1-23 39,000 25,400 13,600 31.85 302.6-1-24 415,000 415,000 0 0.00 302.6-1-25 4,130,000 3,849,600 280,400 656.70 302.6-1-26 579,000 540,000 39,000 91.34 Totals $5,400,000 413,000 967.25 2008 Tax Map # Current AV Proposed AV Reduction Spec Dist Refund 302.6-1-22 650,000 570,000 80,000 205.68 302.6-1-23 39,000 25,400 13,600 34.97 302.6-1-24 415,000 415,000 0 0.00 302.6-1-25 4,130,000 3,849,600 280,400 720.91 302.6-1-26 579,000 540,000 39,000 100.27 Totals $5,400,000 413,000 1,061.82 2009 Spec Dist Refund 302.6-1-22 650,000 570,000 80,000 207.84 302.6-1-23 39,000 25,400 13,600 35.33 302.6-1-24 415,000 415,000 0 0.00 302.6-1-25 4,130,000 3,849,600 280,400 728.48 302.6-1-26 579,000 540,000 39,000 101.32 Totals $5,400,000413,000 1,072.97 and BE IT FURTHER, RESOLVED, that the Assessor is hereby authorized to modify the assessed values of the individual parcels from the “Proposed AV” amounts shown above if she deems any adjustments appropriate, provided that the combined assessed value of all parcels is not reduced below $5,400,000 as provided for above, and 2 BE IT FURTHER, RESOLVED, that the Town Board authorizes and directs payment of any and all refunds shall be refunded, with interest if ordered by the Court, within sixty (60) days after service upon the Warren County Treasurer of the Order approving settlement with Notice of Entry, and BE IT FURTHER, 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. th Duly adopted this 18 day of May, 2009, by the following vote: AYES : Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Metivier, Mr. Montesi NOES : None ABSENT: None 3