Fiscal Note
This resolution authorizes the assignment of seven judgments against a property owner that total $141,228.55. In return for the assignment, a prospective owner of the property will pay the city $75,000, or slightly more than half of the amount of the judgments. This assignment is in lieu of continuing to pursue the city's claim to surplus, which is not expected to result in any recovery of funds. As such, this resolution will result in $75,000 of revenues that the city would not otherwise recover. The proceeds of the assignment of the judgment will be deposited in the city's general fund.
Title
Approving the Assignment of seven (7) judgments against 216 State Street, LLC to Music Lovers, LLC
Body
WHEREAS, the City holds the following judgments approved and ordered in Madison Municipal Court against 216 State Street, LLC, all of which were subsequently transcribed as judgments and docketed in Dane County Circuit Court against real property owned by 216 State Street, LLC:
1. Judgment docketed in Dane County Circuit Court on April 22, 2009 in the amount of $4,582.00, Case No. 09-TJ-171.
2. Judgment docketed in Dane County Circuit Court on February 16, 2010 in the amount of $172.00, Case No. 10-TJ-42.
3. Judgment docketed in Dane County Circuit Court on March 2, 2010 in the amount of $4,872.95, Case No. 10-TJ-58.
4. Judgment docketed in Dane County Circuit Court on May 18, 2010 in the amount of $3,327.00, Case No. 10-TJ-159.
5. Judgment docketed in Dane County Circuit Court on April 7, 2011 in the amount of $1,941.00, Case No. 11-TJ-98.
6. Judgment docketed in Dane County Circuit Court on August 22, 2011 in the amount of $54,462.60, Case No. 11-TJ-302.
7. Judgment docketed in Dane County Circuit Court on March 12, 2013 in the amount of $71,871.00, Case No. 13-TJ-53.
(collectively, the “Judgments”); and
WHEREAS, the property located at 216 State Street is the subject of a foreclosure ac...
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