Stipulation of Settlement_Property Tax Appeal_Thermo Fischer Scientific Inc.Barry 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
2007
January 12, 2011
Dubuque THE CITY OF
d DUBU E
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: Thermo Fisher Scientific, Inc. v. City Board of Review of Dubuque Iowa
2010 Property Tax Protest — Case No. EQCV98958
Dear Chairpersons, Mayor and President:
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 vacant Thermolyne factory at 2555
Kerper Boulevard, Dubuque, Iowa, Assessor's parcels 1118226001, 1118208005,
1118208006, and 1107461001.
This property includes four protested parcels and five non - petitioned parcels. The four
protested parcels combined had a land value of $746,500 and a building value of
$3,622,110 for a total assessed value of $4,368,610 for January 1, 2010. The taxpayer
protested the assessment to the Board of Review. The Board of Review reduced the
assessed value to $3,926,000. The property has been for sale since Thermolyne
ceased operating at the plant in 2008. The reduction was based on the asking price for
the property less the assessed value of the non - protested properties. The taxpayer then
appealed the Board of Review decision to the Iowa District Court for Dubuque County.
The taxpayer is basing its appeal on the property being assessed for more than the
value authorized by law. The petitioner requested in the petition on appeal that the
assessed value be reduced to $2,650,000.
The taxpayer had an appraisal performed for January 1, 2010 by Kevin Pollard for
$2,650,000. Mr. Pollard is often retained by the Board to appraise properties where the
assessment has been appealed. Thermolyne also had a real estate broker's opinion of
value for January 1, 2010 of $2,830,500. Most recently, it was learned that the property
was subject to a contract sale for $1,500,000. The sale of the property closed
December 15, 2010 for a purchase price of $1,550,000.
Based on all the information available, the Board of Review offered a settlement of
$2,830,500, which was the broker's opinion of the most likely sales price. That offer was
rejected by Thermolyne and Thermolyne countered with an offer to settle at $2,000,000
based on the appraisal and sales price. The Board of Review rejected that counteroffer.
Thermolyne then proposed a settlement of $2,650,000. The Board of Review agreed to
this settlement because of the Pollard appraisal and the recent sale of the property for
$1,550,000.
Pursuant to the Stipulation of Settlement, this appeal will be dismissed and the tax
assessment will be adjusted to $2,650,000 for the four parcels for January 1, 2010.
The proposed settlement will be presented to the District Court after fourteen 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 known to the Court 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
2
Veryfificerely
/Barry A. Lindahl, Esq.
City Attorney
IN THE DISTRICT COURT FOR DUBUQUE COUNTY
)
THERMO FISHER SCIENTIFIC, INC. )
f /k/a BARNSTEAD THERMOLYNE, )
Appellant, )
)
vs. ) Case No. 01311 EQCV98958
)
CITY BOARD OF REVIEW OF )
DUBUQUE IOWA, )
Appellee. )
)
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 City Board of Review of Dubuque, Iowa,
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 above -named Court
for approval after fourteen days from the date of this Notice.
Dated this 12 day of January, 2011.
City Board of Review of Dubuque, Iowa,
Appellee
By
Bar A. Lindahl, Esq.
City ttorney
Suite 330, Harbor View Place
300 Main Street
Dubuque, IA 52001 -6944
(563) 583 -4113
THERMO FISHER SCIENTIFIC, INC.
f /k/a BARNSTEAD THERMOLYNE,
Appellant,
vs:
SO ORDERED.
IN THE DISTRICT COURT FOR DUBUQUE COUNTY
CITY BOARD OF REVIEW OF
DUBUQUE IOWA,
Appellee..
ORDER
Case No. 01311 EQCV98958
I kettailetat ACICUrt
Judge, First Judicial District
On this _Jc) day of „ .. . there
the Court a proposed Stipulation of Settlement of the parties in the above tax
Iowa Code Section 441.44 requires that written notice of the proposed
settlement be served upon each of the taxing bodies interested in the taxes
derived from the assessments that are the subject of these appeals.
The Court concludes that service upon each of the taxing bodies by
ordinary mail is sufficient to meet the requirements of the statute.
IT IS THEREFORE ORDERED that the Board of Review shall serve a
copy of the proposed Stipulation of Settlement upon each of the taxing bodies
interested in the taxes derived from the assessment by ordinary mail; and that
proof of said service be made by Affidavit of the person who actually mails such
copies.