Loading...
214.2012 Article 7 Pyramid Co. RESOLUTION AUTHORIZING SETTLEMENT OF PENDING ARTICLE 7 REAL PROPERTY ASSESSMENT CASES COMMENCED BY PYRAMID COMPANIES RESOLUTION NO.: 214,2012 INTRODUCED BY: Mr. Ronald Montesi WHO MOVED ITS ADOPTION SECONDED BY: Mr. Tim Brewer WHEREAS, Pyramid Companies (Petitioner) owns nine (9) parcels of property that comprise most of the Aviation Mall and former Howard Johnson's Motel, located on Aviation Road, Town of Queensbury, and WHEREAS, Petitioner's nine (9) parcels are identified by the following Tax Map Identification Numbers: • 302.5-1-92.2 • 302.5-1-92.4 • 302.5-1-92.11 • 302.5-1-93.2 • 302.5-1-96.2 • 302.9-1-45 • 302.9-1-46 • 302.5-1-93.1 • 302.5-1-96.1 (hereinafter the"Parcels"), and WHEREAS, Petitioner previously commenced Article 7 Real Property Assessment Review cases in 2008, 2009, 2010 and 2011 against the Town of Queensbury concerning the assessments on certain of the Parcels, and WHEREAS, the Town Assessor has reviewed the cases with Town Counsel and the Assessor has recommended a settlement proposal to the Town Board, and WHEREAS, counsel for the Queensbury Union Free School District advises that District officials will recommend that the School Board approve 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 Pyramid Companies such that the combined total of the assessments on the above-referenced Parcels shall be reduced from the current amount of$31 million to $20.2 million on the Assessment Rolls for 2012, 2013, 2014, 2015 and 2016, subject to the exceptions provided for in Real Property Tax Law §727, in exchange for Petitioner's agreement to discontinue all pending litigation and withdraw all demands for refunds and interest, and BE IT FURTHER, RESOLVED, that the Town Board 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 16'h day of July, 2012 by the following vote: AYES: Mr. Montesi, Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Metivier NOES: None ABSENT: None