Res 001-95 1/3/1995RESOLUTION NO
\ -CA, 15-
RESOLUTION APPROVING THE REFUND OF MONIES TO
THE F.D.I.C. FOR SETTLEMENT IN A LAWSUIT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WICHITA FALLS, TEXAS. THAT:
it is found that the property tax payments of
accounts #0020 - 651 -0000, #0020 - 661 -0000, #0020 - 673 -0000 were
paid in amounts greater than that currently assessed and
were therefore excessive, and the excessive payments should
be refunded to the individuals and in the amount as listed
below:
F.D.I.C. $ 7,056.15
PASSED AND APPROVED THIS 3RD DA, OF JANUARY -
M A Y 0 R
ATTEST:
E
CITY CLERK
WICHITA APPRAISAL DISTRICT
P. O. Box 5172 • 600 SCOTT STREET • WICHITA FALLS, TEXAS 76307
"EQUALIZATION' PHONE: (817) 322 -2435
MEMORANDUM
DATE November 28, 1994
TO : Nick Gipson, County Judge
: Jim Berzina, City Manager
: Leslie Carnine, Superintendent, Wichita Falls I.S.D.
FROM : Lanier Wilson
SUBJECT : Settlement and Refund of Taxes on City National Bank Property
for the Tax Year 1992
This is to advise that the Wichita Appraisal District has agreed to
settlement with the F.D.I.C. for three accounts as follows:
• Account #0020 - 651 -0000, Lamar Street Parking Garage, Lot 4, Blk 173
• Account #0020 - 661 -0000, Office Tower, Lots 1, 2, & 4, Blk 174.
• Account #0020- 673 -0000, Parking Garage, Lots 10 & 11, Blk 174 and
Part of Lots 12, 13, & 14, Blk 174
This property is the old City National Bank property. It includes the
bank and office tower, the adjoining parking garage, the atrium building
(used to be the lobby of the bank) , and the Wichita Club. Also there is
a parking area on Lamar.
The amount of the settlement is $2,100,000. The amount of the 1992
appraisal was $3,147,528. This property was disposed of by the F.D.I.C.
in October of 1992. Richard Sink and his group purchased the whole thing
for $1,000,000. The property has beer. appraised several times for the
F.D.I.C. as follows:
1990 - $1,770,000; 1991 - $1,570,000; 1992 - $1,325,000
Bear in mind that these were "dump" values. However because of the
appraisals and more importantly because of the "dumped" sales price, it
was felt the the settlement price of $2,100,000 was in the best interest
of all concerned.
The appropriate refund is as follows:
Account Number
1992 Value
Settled Value
Difference
0020- 651 -0000
$ 66,000
$ 52,500
$ 13,500
0020 - 661 -0000
$2,437,928
$1,767,560
$ 670,368
0020 - 673 -0000
$ 643,600
$ 279,940
$ 363,660
Total
$3,147,528
$2,100,000
$1,047,528
Refund figured as follows:
Entity
Value Loss
1992 Rate
Refund
City of Wichita Falls
$1,047,528
.6736
$7,056.15
Wichita C.E.D.
$1,047,528
.84684
$8,870.89
Wichita Falls I.S.D.
$1,047,528
.392
$4,106.31
Wichita County
$1,047,528
.3385
$3,545.88
Total
$23,579.23
Refunds should be made to the F.D.I.C. and mailed to:
Lannen Oliver P.C.
Attorneys & Counselors
Attention: Virginia P. Bucy
3800 Bank One Center
1717 Main Street, PB 49
Dallas, TX 75201
This refund does not include interest if made within 30 days of the
signed judgment. This was a condition of the settlement. Please make
refund within this time period to avoid additional interest charges.
Copies of the agreed judgment are enclosed.
Based on the sale of downtown properties in the past two years, I think
that this was a reasonable settlement. I might add that we have lowered
values on downtown properties for the last several years.
If you have any questions, please give me a call.
CC: James Smith
Fred Werner
Mnette Pemberton
CITY COUNCIL AGENDA
.January 3, 1995
ITEM /SUBJECT: Resolution approving the refund of monies to the
F.D.I.C.
INITIATING DEPT: Accounting /Finance
COMMENTARY: The Accounting /Finance office has received notification
from Wichita Appraisal District regarding a settlement that has been
reached with the F.D.I.C., Account #0020 - 651 -0000, #0020- 661 -0000,
#0020 - 673 -0000 in the amount of $2,100,000.
The appraised value loss is $1,047,528 resulting in the City's share
of a refund $7,056.15.
Staff recommends approving the refund to the F.D.I.C.
CITY MANAGER'S REMARKS:
ASSOCIATED INFORMATION:
DIRECTOR
CITY MANAGER
BUDGET CERTIFICATION (Sources /Account Nos.):
LEGAL CERTIFICATION:
BUDGET OFFICE
CITY ATTORNEY
Page _1
Agenda Item No.
of 1 Pages
RESOLUTION NO. -�
RESOLUTION APPROVING THE REFUND OF MONIES TO
THE F.D.I.C. FOR SETTLEMENT IN A LAWSUIT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WICHITA FALLS, TEXAS. THAT:
it is found that the property tax payments of
accounts #0020 - 651 -0000, #0020 - 661 -0000, #0020 - 673 -0000 were
paid in amounts greater than that currently assessed and
were therefore excessive, and the excessive payments should
be refunded to the individuals and in the amount as listed
below:
F.D.I.C. $ 7,056.15
PASSED AND APPROVED THIS 3RD DAY JANUAP, ,
M A Y 0 R
ATTEST:
a
vaw) Loy"�-4,Z
0 CITY CLERK
WICHITA APPRAISAL DISTRICT
P. O. Box 5172 • 600 SCOTT STREET • WICHITA FALLS, TEXAS 76307
"EQUALIZATION" PHONE: (817) 322 -2435
M E M O R A N D U M
DATE : November 28, 1994
TO : Nick Gipson, County Judge
: Jim Berzina, City Manager
: Leslie Carnine, Superintendent, Wichita Falls I.S.D.
FROM : Lanier Wilson
SUBJECT : Settlement and Refund of Takes on City National Bank Property
for the Tax Year 1992
This is to advise that the Wichita Appraisal District has agreed to
settlement with the F.D.I.C. for three accounts as follows:
• Account #0020 - 651 -0000, Lamar Street Parking Garage, lot 4, Blk 173
• Account #0020 - 661 -0000, Office Tower, Lots 1, 2, & 4, Blk 174.
• Account #0020- 673 -0000, Parking Garage, Lots 10 & 11, Blk 174 and
Part of Lots 12, 13, & 14, Blk 174
This property is the old City National Bank property. It includes the
bank and office tower, the adjoining parking, garage, the atrium building
(used to be the lobby of the bank) , and the Wichita Club. Also there is
a parking area on Lamar.
The amount of the settlement is $2,100,000. The amount of the 1992
appraisal was $3,147,528. This property was disposed of by the F.D.I.C.
in October of 1992. Richard Sink and his group purchased the whole thing
for $1,000,000. The property has beer. appraised several times for the
F.D.I.C. as follows:
1990 - $1,770,000; 1991 - $1,570,000; 1992 - $1,325,000
Bear in mind that these were "dump" values. however because of the
appraisals and more importantly because of the "dumped" sales price, it
was felt the the settlement price of $2,100,000 was in the best interest
of all concerned.
The appropriate refund is as follows:
Account Number
1992 Value
Settled Value
Difference
0020 - 651 -0000
$ 66,000
$ 52,500
$ 13,500
0020- 661 -0000
$2,437,928
$1,767,560
$ 670,368
0020 - 673 -0000
$ 643,600
$ 279,940
$ 363,660
Total
$3,147,528
$2,100,000
$1,047,528
Refund figured as follows:
Entity
Value Loss
1992 Rate
Refund
City of Wichita Falls
$1,047,528
.6736
$7,056.15
Wichita C.E.D.
$1,047,528
.84684
$8,870.89
Wichita Falls I.S.D.
$1,047,528
.392
$4,106.31
Wichita County
$1,047,528
.3385
$3,545.88
Total
$23,579.23
Refunds should be made to the F.D.I.C. and mailed to:
Lannen Oliver P.C.
Attorneys & Counselors
Attention: Virginia P. Bucy
3800 Bank One Center
1717 Main Street, PB 49
Dallas, TX 75201
This refund does not include interest if made within 30 days of the
signed judgment. This was a condition of the settlement. Please make
refund within this time period to avoid additional interest charges.
Copies of the agreed judgment are enclosed.
Based on the sale of downtown properties in the past two years, I think
that this was a reasonable settlement. I might add that we have lowered
values on downtown properties for the last several years.
If you have any questions, please give me a call.
CC: James Smith
Fred Werner
Monette Panberton