Amico Chelsea Ridge LLC
Leonard Klein
Arthur L. Gellert
Stephen E. Ehlers
John A. Geoghegan
lillian S. Weigert
James M. Fedorchak
Scott L. Volkman
David R. Wise'
Roderick J. Macleod
Bevin S. Harrington
Kelly L. Traver'
Daniel H. Stock
Pamela B. Richardson"
laura E. Vincenzi
.. Gellert & Klein, P.e.
~ Attorneys at Law
75 Washington Street. Poughkeepsie, NY 12601
(845) 454-3250
(845) 454-4652 fax
Counsel
S. Nina Gellert
Raina E. Maissel ~
Senator Stephen M. Saland
Robert C Vincent, Jr.
Westchester office
3010 Westchester Avenue Suite 302
Purchase, NY 10577
(914) 249-0100
(914) 249-0111 fax
Joseph H. Gellert
(1907-1989)
'Also Admitted in CT
"Also Admitted in NJ
~Also Admitted in England
www.gklaw.us
HECEIVELJ
!\UG I 2 2009
August 5, 2009
T own Board
Town of Wappinger
20 Middlebush Road
Wappingers Falls, NY 12590
Re:
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Aimco Chelsea Ridge, LLC. vs. Town of Wappinger
Our File No.: 27036.0629
Dear Supervisor Colsey and Town Board Members:
I write to you with respect to the above-referenced tax certiorari proceeding. I am
submitting to you herewith a settlement which was reached by myself and the Assessor, which
needs to be finalized. There are nine (9) tax parcels comprising the Chelsea Ridge Apartment
Complex on Route 9D. These proceedings go back to 2005 and call for reductions in the years
2007 through 2009. There are no reductions in 2005 and 2006. The revised assessments reflect a
cumulative fair market value $60,790,700 for 2007,2008 and 2009. The equalization rate for the
three (3) settlement years is 100%. Therefore, the settlement reflects fair market value for those
years. For 2005 and 2006 the equalization rate was 39.5% and 39.0% respectively. The assessed
value for those years which remained unchanged reflect fair market value of$46,532,000 and
$47,130,000. Your favorable consideration would be appreciated at the August 10,2009 Town
Board meeting. I enclose herewith a Resolution for you to accomplish that. The Court ordered
appraisal exchange date is September 28,2009. The trial is scheduled to take place on November
4,2009. Please note that refunds will be payable without interest ifpaid within 90 days. The
Assessor will provide a refund analysis for your consideration.
SL V !br
Enc.
cc: Christian Harkins, Assessor
Loretta Brunello, Deputy Assessor
Chris Masterson, Town Clerk
~
F:\USER\clients\W\Wappinger - Town\Tax Certs\Aimco Chelsea Ridge\ltr to T8 w resolution.wpd
TOWN OF WAPPINGER
TOWN BOARD RESOLUTION
WHEREAS, there is now pending in the Dutchess County Supreme Court tax certiorari
proceeding commenced in 2005,2006,2007,2008 and 2009 by Aimco Chelsea Ridge, LLC.,
regarding Grid Nos. 6056-01-373534; 6056-01-468615; 6056-02-506726; 6056-02-540718;
6056-02-558539; 6056-02-590514; 6056-02-590610; 6056-02-621570; and 6056-02-635539,
seeking a reduction in the 2005 through 2009 tax assessment for those respective tax rolls; and
WHEREAS, the Town Assessor and Special Counsel recommend a settlement on this
tax review proceeding; now, therefore be it
RESOLVED, that the Town Board of the Town of Wappinger hereby approves a
settlement on behalf of the Town of Wappinger of the tax review proceeding for the years 2005
through 2009, as it pertains to Grid Nos. 6056-01-373534; 6056-01-468615; 6056-02-506726;
6056-02-540718; 6056-02-558539; 6056-02-590514; 6056-02-590610; 6056-02-621570 and
6056-02-635539, as follows:
Tax Year Original Total Revised Total Reduction
Assessment Assessment
2005 18,380,000 18,380,000 -0-
2006 18,380,000 18,380,000 -0-
2007 70,159,700 60,790,700 9,369,000
2008 70,126,500 60,790,700 9,335,800
2009 70,126,500 60,790,700 9,335,800
:and be it further
RESOLVED, that the allocation of the assessment reduction shall be as more
particularlydescribed as follows:
TAX TAX MAP NO. ORIGINAL REDUCTION FINAL A.V.
YEAR A.V.
2007/08 135689-6056-01-373534-0000 $24,000,000 $3,242,000 $20,758,000
2007/08 135689-6056-01-468615-0000 $28,000,000 $3,782,000 $24,218,000
2007/08 135689-6056-02-506726-0000 $ 150,500 $ -0- $ 150,500
2007/08 135689-6056-02-540718-0000 $ 63,800 $ -0- $, 63,800
2007/08 135689-6056-02-558539-0000 $ 369,000 $ 50,000 $ 319,000
2007/08 135689-6056-02-590514-0000 $14,000,000 $1,890,000 $12,110,000
2007/08 135689-6056-02-590610-0000 $ 475,400 $ -0- $ 475,400
2007/08 135689-6056-02-621570-0000 $ 101,000 $ -0- $ 101,000
2007/08 135689-6056-02-635539-0000 $ 3,000,000 $ 405,000 $ 2,595,000
2007/08 TOTAL: $70,159,700 $9,369,000 $60,790,700
TAX TAX MAP NO. ORIGINAL REDUCTION FINAL A.V.
YEAR A.V.
2008/09 135689-6056-01-373534-0000 $24,000,000 $3,235,000 $20,765,000
2008/09 135689-6056-01-468615-0000 $28,000,000 $3,775,000 $24,225,000
2008/09 135689-6056-02-506726-0000 $ 150,500 $ -0- $ 150,500
2008/09 135689-6056-02-540718-0000 $ 63,800 $ -0- $ 63,800
2008/09 135689-6056-02-558539-0000 $ 335,800 $ 43,800 $ 292,000
2008/09 135689-6056-02 -590514-0000 $14,000,000 $1,880,000 $12,120,000
2008/09 135689-6056-02-590610-0000 $ 475,400 $ -0- $ 475,400
2008/09 135689-6056-02-621570-0000 $ 101,000 $ -0- $ 101,000
2008/09 135689-6056-02-635539-0000 $ 3,000,000 $ 402,000 $ 2,598,000
2008/09 TOTAL: $70,126,500 $9,335,800 $60,790,700
TAX TAX MAP NO. ORIGINAL REDUCTION FINAL A.V.
YEAR A.V.
2009/10 135689-6056-01-373534-0000 $24,000,000 $3,235,000 $20,765,000
2009/10 135689-6056-01-468615-0000 $28,000,000 $3,775,000 $24,225,000
2009/10 135689-6056-02-506726-0000 $ 150,500 $ -0- $ 150,500
2009/10 135689-6056-02-540718-0000 $ 63,800 $ -0- $ 63,800
2009/10 135689-6056-02-558539-0000 $ 335,800 $ 43,800 $ 292,000
2009/10 135689-6056-02-590514-0000 $14,000,000 $1,880,000 $12,120,000
2009/10 135689-6056-02-590610-0000 $ 475,400 $ -0- $ 475,400
2009/10 135689-6056-02-621570-0000 $ 101,000 $ -0- $ 101,000
2009/10 135689-6056-02-635539-0000 $ 3,000,000 $ 402,000 $ 2,598,000
2009/10 TOT AL: $70,126,500 $9,335,800 $60,790,700
:and be it further
RESOLVED, that the Town Supervisor, Town Assessor and Gellert & Klein, P.C.
Special Counsel to the Town of Wappinger are hereby authorized to take all action necessary and
appropriate to effectuate the terms of this resolution.
August 10,2009