City of Madison, Wisconsin | Legislative Information Center
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File #: 50446    Version: 1 Name: authorizing the settlement and payment of a tax refund for tax year 2016 for Glacier Valley I, LLC. Authorizing entry into settlement agreement & approving payment of $73,713.33 from City resources to effectuate the settlement.
Type: Resolution Status: Passed
File created: 2/5/2018 In control: FINANCE COMMITTEE
On agenda: 3/20/2018 Final action: 3/20/2018
Enactment date: 3/23/2018 Enactment #: RES-18-00233
Title: Resolution authorizing the settlement and payment of a tax refund for tax year 2016 for Glacier Valley I, LLC v. City of Madison, Dane County Circuit Court Case number 17CV1535. Authorizing entry into settlement agreement and approving payment of $73,713.33 from City resources to effectuate the settlement.
Sponsors: Paul R. Soglin
Fiscal Note
The proposed resolution authorizes a $73,713 tax refund pursuant to a settlement agreement. The properties consist of four parcels containing multi-family units located at 6845, 6833, 6901, and 6913 Littlemore Drive in the City of Madison. The refund will be paid through a reduction in property tax revenue budgeted in the 2018 Adopted Operating Budget.
Title
Resolution authorizing the settlement and payment of a tax refund for tax year 2016 for Glacier Valley I, LLC v. City of Madison, Dane County Circuit Court Case number 17CV1535. Authorizing entry into settlement agreement and approving payment of $73,713.33 from City resources to effectuate the settlement.
Body

Background

The subject properties consist of four parcels containing multi- family units located at 6845, 6833, 6901 and 6913 Littlemore Drive in the City of Madison. The four parcels sold in 2016 for a total price of $19,587,982. The City set the 2016 assessment at an adjusted sale price of $18,775,000. Glacier Valley filed an objection with the Board of Review, which sustained the assessment and the Plaintiff subsequently brought this suit.

The Plaintiff filed a subsequent objection to their 2017 assessment of $ 18,775,000, the same assessed value as 2016. The Plaintiff presented additional information surrounding the 2016 sale price that was unknown to the Plaintiff at the time of the sale along with other market data. The Board of Review reduced the 2017 assessment of the parcels to $15,700,000.

Settlement

The City has reached a tentative settlement with the Plaintiff for the 2016 assessment of $15,700,000, which is the same assessed value set by the Board of Review for 2017. This would result in a total refund for the four parcels of $73,713.33. This resolution seeks approval of the settlement agreement with Glacier Valley I, LLC along with all other approvals necessary to carry out the settlement including adjusting the City’s revenues.

Under the proposed settlement, Gl...

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