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In the case of the PIK Terminal properties, the City has argued that the highest and best use is a <br /> redeveloped commercial use and that the constructed improvement benefits the PIK Terminal <br /> properties, The property owner has argued that the highest and best use is the existing truck <br /> terminal and that the pond 'improvement provides no benefit. While the City's appraiser feels the <br /> City's position is reasonable, he also feels that the property owner's argument has some merit and <br /> could otentiall be viewed favorably b the court. s such, is prudent for the City to consider <br /> p � <br /> an out of court settlement. <br /> Attached are ro o sed settlement documents which assess 25% of the original assessment and <br /> l� p <br /> defer the remaining 75%without interest until such time as the property redevelops or is sold. <br /> Considering the p <br /> rapid ace of redevelopment in the Twin Fakes area and the recent bankruptcy of <br /> p <br /> Hyman Freightways, the traditional user of the property, staff is hopeful that a redevelopment or <br /> sale will oar soon. The Council approved a similar agreement with PIK Terrm*nals in 1997 <br /> regarding assessments for the first Twin Lakes Pond and the construction of Arthur Street. <br /> Financial g g <br /> Implications-.9 The following is a summary of the proposed settlement: <br /> Proposed Proposed <br /> Existing Amended Deferred <br /> Assessment A Assessment <br /> PIN 4-29-23-3 -0007 161J296.50 $40074.13 $121222.39 <br /> PIN 04-29-23-32-0012 315550.02 7, 7. 1 231662.53 <br /> PIN 04-29-23-33-0007 2311858.08 55964,52 17,893.56 <br /> 4 <br /> Approval of a resolution settling PIK Terminal's assess=ment appeal for City Project ST-96-14 and <br /> authorizin g mayor or and manager to sign the settlement agreement on behalf of the City. <br /> � <br /> Prepared by: Karl R, Keel <br />