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Subject: (Direct Referral) Communication from the Finance Director requesting City Council acknowledgement and endorsement of payment mandated by Racine County Circuit Court for Money Judgment 30301, in Case Number 10-CV-1963; Target Corporation vs. City of Racine, for refunds of 2009-2010 Real Estate Property Taxes, costs and interest totaling $62,009.50 and authorization to execute a settlement agreement and payment with Target Corporation for partial refunds of 2011, 2013 and 2014 Real Estate Property Taxes. (Res No. 0160-16)
Recommendation of the Finance and Personnel Committee on 4/25/2016: The Racine County Circuit Court Money Judgement Number 30301 in Case Number 10-CV-1963, Target Corporation vs. City of Racine, in the amount of $62,009.50 be paid from the 2015 Budget.
Further recommend that the Mayor and City Clerk be authorized and directed to execute a settlement agreement with Target Corporation for partial refunds of 2011, 2013 and 2014 real estate taxes in the amounts of $81,517.65, $93,204.36 and $93,258.92 respectively for a total of $267,980.93 be paid from the 2015 Budget.
Fiscal Note: There are sufficient funds available for the payment. Approximately half of payment amounts will be charged back to the other taxing jurisdictions.