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Home My WebLink About#5102 - stipluation of assessment by the parties with cook canton real estate (cook PTFE facility) RESOLUTION NO. 5102 A RESOLUTION APPROVING A STIPULATION OF ASSESSMENT BY THE PARTIES WITH COOK CANTON REAL ESTATE, LLC (COOK PTFE FACILITY) AND AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE SAID STIPULATION ON BEHALF OF THE CITY OF CANTON, ILLINOIS WHEREAS, the Cook Canton Real Estate, LLC ("Cook") filed a Industrial Appeal Property Assessment Complaint with the Property Tax Appeal Board on or about June 29, 2016, and notice by the Fulton County Board of Review on March 2, 2017, commonly referred to as the Cook Medical Facility (PIN 09-08-34-232-001) and located at 225 South Third Avenue, Canton, Winos, protesting its 2015 property tax. WHEREAS, the City of Canton, along with the County of Fulton ("County") have attempted began negotiations in an attempt reach a settlement as to the assessed value of the property without proceeding to trial. WHEREAS, the Legal & Ordinance Committee has reviewed the terms of the Stipulation and has considered and determined that it is necessary and in the best interests of the City of Canton, to enter into the Stipulation of Assessment by the Parties with the attached Memorandum of Proposed Settlement attached hereto as Exhibit A to determine the assessed value of$1,666,500.00. WHEREAS, the City Council has reached a similar determination. NOW THEREFORE, be it resolved by the City Council of the City of Canton, Fulton County, Illinois, as follows: 1. That the Stipulation between the City of Canton and the Cook Canton Real Estate, LLC, a copy of which is attached hereto and incorporated herein as Exhibit A, is hereby approved. 2. That the Mayor, or his designee, is hereby authorized and directed to execute and deliver said Stipulation on behalf of the City of Canton. 3. That this Resolution shall be in full force an effect immediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois, at a regular meeting this 25th day of April 2017, upon a roll call vote as follows: AYES: Aldermen Mayhew,West, Hale,Ellis,Lovell NAYS: None ABSENT: Alderman Justin Nelson NLR Documents/Resolutions 4/24/2017 ABSTAIN: Alderman Putrich APPROVED: Jeffrey A. ayor ATTEST: //. � P. ey-Rock, CitytIe-t'k NLR Documents/Resolutions 4/24/2017 Property Tax Appeal Board =. . � r Stipulation Of Aseesament(s) By The Parties Date: 38/16 Appeeant(e): Cook Canton Real Estate LLC Docket Number(s): 16-02207 PIN(s): 09.0834.232-001 Stipulated Assessment Lied.Impm emint Sod Deal Assessments must be completed for each pemel.Multiple parade must be completed on the back of this page or an multiple pages and the aggregate flume Indicated Wpm DtNokst `. PIN` _ �I,and ' -ImprorwnNlt 'i.7g1A1, 16-02207 09-08.34.232-001 819690 31,652,610 $1,886,500 TOTAL 813,890 $1,862,610 $1,886,600 : The undersigned have reviewed the file In the above captioned matter and find that the assessments should be adjusted and that a hearing Is not necessary.The parties agree that the"Stipulated Assaasment(a)"should be appNed In the Property Tax Appeal Bard's decision. �Attorney Acceptance for Bawdol Review Acceptance for intervener AcceplenceT&Deatd of Review -- Acceptance for Intervenor _. .. Acceptance for Board of Review Dissenting' Attorney Name: Ellen O.Berkshire/Venni, Lke 8 Berkshire,PC Bd.of Review Atm.Code 1084 — Dissenting Board of Review Member/Commissioner Adoess: 93 N.LaSalle St.,Ste.2600 Chicago, IL 60602 Please transmit original stipulation as follows. In all counties other than Cook,send to: In Cook County,and to: STATE OF ILLINOIS STATE OF ILLINOIS PROPERTY TAX APPEAL BOARD PROPERTY TAX APPEAL BOARD ROOM 402 STRATTON OFFICE BUILDING SUBURBAN NORTH REGIONAL OFFICE FACILITY 401 SOUTH SPRING STREET 0511 WEST HARRISON STREET SUITE 141 SPRINGFIELD IL 62706-4001 DES PLAINES IL 60016.1583 (217)782-8078 (647)204-4121 .a vmaisemtwasaa a aJRira4 Memorandum of Proposed Settlement To: Fulton County Board of Review RE: Cook Canton Real Estate LLC Tax Years: 2015-2018 The Taxpayer, Cook Canton Real Estate LLC,and intervenors,Canton Township, City of Canton and Canton Union School District #66 (the "Parties") have reviewed and discussed the appropriate market value of the property known as the Cook Canton Real Estate LLC located in the City of Canton, Illinois. The Parties have reviewed evidence of market value for the subject property; including recent appraisals, in support of this multi-year settlement agreement. This agreement shall resolve pending tax appeals before the Property Tax Appeal Board for tax years 2015 and 2016, and shall establish an agreed to value for tax year 2017 and 2018. Establishing certainty in determining a fair assessment of the subject property is in the best interests of all parties in order to avoid further litigation associated with ongoing appeals of property tax assessments,to mitigate the costs associated with filing and defending appeals and assessments,to avoid prolonged delays in hearing property tax appeals and obtaining finality in assessment decisions,and to avoid overpayment of property taxes and the accompanying damage to school district budgets when property tax refunds are paid out. Whereas,the parties hereby agree to the following: • Establish a Market Value of$5,000,000 for 2015 through 2018 • Agreement of Taxpayer to waive refunds related to the City of Canton The market value as agreed to by the Parties excludes future changes such as expansion or demolition of the building,destruction of the improvements(in whole or in part),closure of the operations, substantial renovations,new construction or other physical changes to the property which impact its market value. The Taxpayer agrees not to file an appeal of the 2017 and 2018 assessment as long as the assessed value totals$1,666,500 equating to a market value of$5,000,000. Attorney for Cook Canton Real Estate LLC Ellen G.Berkshire Verros,Lafakis& Berkshire,PC Dated: