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Subject: (Direct Referral) Communication from the City Attorney wishing to convene in closed session to discuss, with the Finance and Personnel Committee, strategy with respect to litigation in which the City of Racine is or is likely to become involved, specifically potential settlement of Sears Holdings Corporation v. City of Racine, Racine County Case No. 13 CV 1451. (Res. No. 14-0360)
Recommendation of the Finance and Personnel Committee on 8-25-14: To approve the potential settlement of Sears Holdings Corporation v. City of Racine, Racine County Case No. 13 CV 1451.
Fiscal Note: Refund of $205,748 will be budgeted and paid out of the General Fund in 2015. Approximately $97,700 or 47% of this payment will be charged back to the overlying taxing jurisdictions and collected at some point in the future. Additionally, the 2014 real estate assessment will be set at $4,500,000.