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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.