HomeMy WebLinkAboutMINUTES - 05191992 - 1.61 106I
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TO: BOARD OF SUPERVISORS f _~ Contra
_ Costa
FROM: Dennis C. Graves , Deputy County Counsel
County
DATE. May 13 , 1992
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SUBJECT: Settlement of Crescent Apartments Litigation
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve the subject Settlement, authorize the County Counsel
to sign whatever documents are necessary to effect the Settlement,
and direct the Auditor to make payment to the Attorney for Crescent
Apartments in accordance with the Settlement Agreement .
BACKGROUND:
Plaintiff Crescent Apartments sued the County for refund of
property taxes which it contends is ' due because of an
overassessment upon , a change of ownership occurring in 1962 .
Crescent sought a $3, 000 , 000 value and the value enrolled was
$12 , 150, 000 .
After several years of litigation, the Assessor and Crescent
have agreed upon a value of $7 ,600, 000 . Thus, Crescent would be
entitled to a refund of approximately $45, 000 per year ( $12, 125 , 000
- 7 , 600, 000 = $4 ,550, 000 value reduction x . 01 tax rate = $45, 500 )
plus interest at 4 . 5% per annum.
The Assessor and County Counsel agree that this is a favorable
settlement and jointly recommend it.
01
CONTINUED ON ATTACHMENT': YES SIGNATURE '
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF ARD COMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON May 19, 1992 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
_X UNANIMOUS (ABSENT TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Orig: ATTESTED May 19, 1992
cc: County Counsel PHIL BATCHELOR, CLERK OF
Risk Management, THE BOARD OF SUPERVISORS
Auditor/Controller AN OUNT MINISTRATOR
BY , DEPUTY
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