Res 175-94 11/1/1994J,;- OO[1NCILB11Li 336
RESOLUTION NO. /
RESOLUTION APPROVING THE REFUND OF MONIES TO
SUNBELT FEDERAL SAVINGS 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
account #1440-319-0700 was 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:
Sunbelt Federal Savings 11 , 192 . 43
PASSED AND APPROVED THIS 1ST DAY OF . OVEMBER , 1 .
M A Y O R/
40"
ATTEST:
L 2 41
CITY CLERK
Page 2 of 4 Pages
Agenda Item No. 9.e.
WICHITA APPRAISAL DISTRICT
117:21:7" P. O. Box 5172 • 600 SCOTT STREET • WICHITA FALLS,TEXAS 76307
PHONE: (817) 322-2435
EQUALIZATION"
M E M O R A N D U M
DATE : October 11, 1994
TO Nick Gipson, County Judge
Jim Berzina, City Manager
Leslie Carnine, Superintendent of Schools
FROM : Lanier Wilson
SUBJECT: Sunbelt Federal Savings VS Wichita Appraisal District
Settlement, Hunters Crossing Apts. , Account #1440-319-0700
This is to inform you that settlement has been reached on the 1991
lawsuit initiated against Wichita Appraisal District by Sunbelt Savings,
an R.T.C. property. The property in consideration is Hunters Crossing
Apartments. A refund of $11,192.43 without interest will be owing to
Sunbelt Savings and should be distributed as follows:
Entity Value Loss 1991 Rate Refund
City of Wichita Falls 529,210 66363 3,512.00
Wichita C.E.D. 529,210 75 3,969.08
Wichita Falls I.S.D. 529,210 392 2,074.50
Wichita County 529,210 3093 1,636.85
Total 11,192.43
The facts in this case are as follows:
January 1, 1991 - Property was appraised for $5,129,210.
Property was on the market in the spring of 1991 for $6,400,000.
M.A.I. appraisal 6/25/90 for $6,400,000.
Sale of property July 1992 for $4,100,000.
Page 3 of 4 Pages
Agenda Item No. 9.e.
F y .
Based on the information available to us on January 1, 1991, our
appraisal of $5,129,210 looked to be very conservative.
However, when the R.T.C. "dumped" the property in July of 1992 for $4.1
million our position was considerably weakened, even though both sides
knew that this price was below market value.
Based on the facts listed above, I believe a settlement of $4.6 million
was in the best interests of both our district and the R.T.C.
If you have questions on this, please give me a call.
Lanier Wilson
CC: James Smith
Fred Werner
Monette Pemberton
Page 4 of 4 Pages
Agenda Item No. 9.e.