Stipulations of Settlement_First National Bank of DubuqueBarry A. Lindahl, Esq.
City Attorney
Suite 330, Harbor View Place
300 Main Street
Dubuque, Iowa 52001 -6944
(563) 583 -4113 office
(563) 583 -1040 fax
balesq@cityofdubuque.org
Mayor and Members of the City Council
of the City of Dubuque
City Hall
13 & Central Avenue
Dubuque, IA 52001
Chairperson of the
Dubuque County Board of Supervisors
Dubuque County Courthouse
720 Central Avenue
Dubuque, IA 52001
Chairperson of the School Board
Dubuque Community School District
Central Administration Offices
2300 Chaney Road
Dubuque, IA 52001
Chairperson of the Conference Board
of the City of Dubuque
City Hall
13 & Central
Dubuque, IA 52001
Dear Chairpersons, Mayor and President:
March 19, 2010
Dubuque THE =
T
, T
11 I
2007
President of the Board of Directors
Northeast Iowa Community College
P.O. Box 400
Calmar, IA 52132
Chairperson of the Board of Trustees
Dubuque County Hospital
Sunnycrest Manor
2375 Roosevelt Street
Dubuque, IA 52001
Chairperson of the Council of the
Dubuque County Agricultural Extension
Service
14742 Hwy. 20 West, Suite 2
Dubuque, IA 52003
RE: First National Bank of Dubuque (US Bank) vs. Dubuque City Board of
Review — 2009 Property Tax Protest, State of Iowa Property Assessment —
Docket No. 09- 104 -0736
Enclosed is a copy of a Stipulation of Settlement of a tax assessment appeal. Iowa
Code §441.44 requires that the Stipulation of Settlement be served upon each of you.
The property that is the subject of this appeal is the US Bank branch bank property
located at 435 Kennedy Road, Dubuque, Iowa, Assessor's Parcel: 1027152001.
US Bank, represented by tax agent, Rowland Welch, protested its 2009 assessment in
the amount of $1,348,600 to the Dubuque City Board of Review. The petitioner chose
two grounds to protest: the property is not assessed equitably compared to others and
the property is assessed for more than the value authorized by law. The petitioner used
an income statement to show the value should be reduced to $800,000. The Dubuque
City Board of Review denied the petition. US Bank then filed an appeal from the Board
of Review decision to the Property Assessment Appeal Board, using the same grounds
as it used at the Board of Review protest.
US Bank seeks to have the assessed value of the property reduced by offering a
comparison of the assessed value of many other banks in the Dubuque County area
which it claims are comparable properties. The City Assessor's Office reviewed the
material presented by US Bank and concluded that many of the other bank properties
were not comparables because of size, age, or location.
The City Assessor's Office reviewed the US Bank assessment and compared it with two
neighboring properties, the American Trust branch bank property located at 280
Kennedy Road and the Dubuque Bank and Trust Company branch bank property
located at Kennedy Mall, 555 Kennedy Road. Those two branch banks were built in the
same time period as US Bank and have many of the same qualities as the subject
property. In comparing those properties, the City Assessor discovered the US Bank
property was valued as a 4,196 square foot bank property with three additions. If the
US Bank property was more properly valued as a 5,800 square foot bank with no
additions it would result in a reduction of $40,820 in the assessed value of the property.
Also, if the bank was valued this way the valuations of the other branch banks would fall
into line as explained below.
Comparison of 1 floor values before combining square footages:
US Bank -
Dubuque Bank & Trust
American Trust
$94.98 per sq ft
$87.67 per sq ft
$88.12 per sq ft
Comparison of 1 floor values after combining square footages:
US Bank
Dubuque Bank & Trust
American Trust
$87.94 per sq ft
$87.67 per sq ft
$88.12 per sq ft
The Dubuque City Assessor reviewed all of this data with the City Board of Review.
The 2009 assessed value is $1,348,600. The petitioner's request is to reduce the
assessed value to $800,000. The Board has concluded that an assessed value of
$1,307,780, based on the comparable assessments, would be appropriate. An offer to
that effect was made to US Bank and US Bank has accepted
2
The settlement will result in a loss of tax dollars of $1,417 per year.
If a settlement would not have been reached the City Assessor's Office estimates
conservatively the cost for this appeal to the Assessor's Office would have exceeded
$4,000.
Pursuant to the Stipulation of Settlement, this appeal will be dismissed and the tax
assessment will be adjusted to $1,307,780 for parcel 1027152001 for January 1, 2009.
The proposed settlement will be presented to the Property Assessment Appeal Board
after 14 days from the date indicated on the attached Notice of Voluntary Settlement. If
there are any objections to the proposed settlement, they should be made know to the
City Assessor prior to that time.
If you have any questions about the proposed settlement, please contact City Assessor,
Rick Engelken at (563)- 589 -4416.
BAL /tls
Enclosure
cc: Michael C. Van Milligen, City Manager
Jeanne Schneider, City Clerk
Rick Engelken, City Assessor
3
erely
�L
Barry A. Lindahl, Esq.
City Attorney
IN THE MATTER OF
First National Bank of Dubuque,
(US Bank)
Petitioner-Appellant,
vs.
STATE OF IOWA
PROPERTY ASSESSMENT APPEAL BOARD
City of Dubuque Board of Review,
Respondent- Appellee.
Petitioner - Appellant First National Bank of Dubuque (US Bank), and Appellee
City of Dubuque Board of Review, state to the State of Iowa Property
Assessment Appeal Board that the pending litigation with regard to the tax
assessment for the following - described property as of January 1, 2009:
FIRST NATIONAL BANK OF
:
b Y
Rowland Welch
Jim Schwalls & Associates, Inc.
Docket No. 09 -104 -0736
Parcel No. 10 -27 -152 -001
STIPULATION OF SETTLEMENT
Parcel No. 10- 27- 152 -001
has been settled and agreed upon as follows:
Valuation:
Land $438,100.00
Building $869,680.00
TOTAL $1,307,780.00
It is further agreed that upon entry of a Property Assessment Appeal
Board Order confirming the above settlement, the above pending litigation shall
be dismissed with prejudice.
Dated this 1t. day of /YI Q , 2010.
CITY OF DUBUQUE
DUBUQUE, (US Bank) BOAR. f REVIEW
by:
Barry A. Lindahl, Esq.
Suite 330, Harbor View Place
300 Main Street
Dubuque, IA 52001 -6944
(563) 583 -4113
Counsel for the
Board of Review
IN THE MATTER OF
First National Bank of Dubuque,
(US Bank)
Petitioner - Appellant,
vs.
STATE OF IOWA
PROPERTY ASSESSMENT APPEAL BOARD
City of Dubuque Board of Review,
Respondent-Appellee.
Docket No. 09- 104 -0736
Parcel No. 10 -27- 152 -001
NOTICE OF VOLUNTARY SETTLEMENT
TO: City of Dubuque, Iowa
County of Dubuque, Iowa
Dubuque Community School District
Northeast Iowa Community college
Dubuque County Hospital
Dubuque County Agricultural Extension Service
Conference Board of the City of Dubuque
YOU ARE HEREBY NOTIFIED, pursuant to Iowa Code Section 441.44,
that the above -named Appellant and the Dubuque City Board of Review,
Appellee, have entered into a voluntary settlement of this assessment appeal.
A copy of the proposed Stipulation of Settlement is attached hereto.
This Stipulation of Settlement will be presented to the State Of Iowa
Property Assessment Appeal Board for approval after fourteen days from the
date of this Notice.
Dated this 19 day of March, 2010.
By
Dubuque City
Respondent
of Review,
Ilee
Ba A. Lindahl, Esq., City Attorney
Su - 330, Harbor View Place
300 Main Street
Dubuque, IA 52001 -6944
(563) 583 -4113
Counsel for the Board of Review