LAWSUITS NEWS & LEGAL INFORMATION
Eastman Kodak Co.
Greece, NY: (Jun-12-07) The town of Greece and the Greece Central School District have been embroiled in a legal battle with Eastman Kodak Co. over tax assessments regarding Kodak property.
In a settlement reached, the parties agreed to resolve issues related to past and future Kodak property assessments. As part of the settlement, it was established that the town values the Greece portion of the complex at $12 a square foot for a total of $99.4 million. The agreement appears to reduce that assessment by some 58% in 2008. In settlement of the dispute over the 2003 and 2004 tax years, the parties agreed that the town would receive a priority payment of up to $1.877 million, of which $1.067 million will be allocated to the school district, from money Kodak recovers from the government's criminal proceedings against the alleged co-conspirators to the extent that the amount is not recovered by the town and school district directly from the court.
The settlement agreement is contingent upon obtaining final orders of discontinuance in both the federal and state courts and the parties jointly are filing for such orders. Kodak, the town, and the school district have agreed to drop all pending legal actions against each other resulting from the alleged conspiracy. [ROCHESTER BUSINESS JOURNAL: TAX ASSESSMENT]
Published on Jun-13-07
In a settlement reached, the parties agreed to resolve issues related to past and future Kodak property assessments. As part of the settlement, it was established that the town values the Greece portion of the complex at $12 a square foot for a total of $99.4 million. The agreement appears to reduce that assessment by some 58% in 2008. In settlement of the dispute over the 2003 and 2004 tax years, the parties agreed that the town would receive a priority payment of up to $1.877 million, of which $1.067 million will be allocated to the school district, from money Kodak recovers from the government's criminal proceedings against the alleged co-conspirators to the extent that the amount is not recovered by the town and school district directly from the court.
The settlement agreement is contingent upon obtaining final orders of discontinuance in both the federal and state courts and the parties jointly are filing for such orders. Kodak, the town, and the school district have agreed to drop all pending legal actions against each other resulting from the alleged conspiracy. [ROCHESTER BUSINESS JOURNAL: TAX ASSESSMENT]
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