Board of Estimate & Contract:
Whereas, the combined dedication of the Law Department and Finance Offices in resolutely pursuing receivables owed to the City of Mount Vernon has led to a productive collaboration with the Federal Government of Nigeria ("Nigeria"), resulting in the successful settlement of outstanding special ad valorem levies and special assessments totaling $148,301.11 plus interest at the rate of 18% per annum; and
Whereas, in furtherance of settling the dispute, the parties have now agreed on the terms of a settlement, memorialized in the Settlement Agreement, which requires Nigeria to pay $10,000.00 per month until the arrears of $148,301.11 plus interest (the "Balance") are paid in full. The Settlement Agreement also requires Nigeria to remain current on all future debt obligations due and owing on the Property including, but not limited to, special ad valorem levies and special assessments levied after the execution of the Settlement Agreement; Now, Therefore, be it
Resolved, that the installment payment schedule will be as follows:
* A minimum of $10,000.00 to be paid every month until the remaining arrears of $148,301.11 are paid in full; and be it further
Resolved, that upon receipt of monthly payments, funds will be applied to Account No. 045620 for Block.Lot.Suffix 2135.2.-0; and be it further
Resolved, that this resolution shall take effect immediately.
City Council:
AN ORDINANCE AUTHORIZING THE CITY
OF MOUNT VERNON TO ENTER INTO AN
AGREEMENT TO SETTLE $148,301.11 IN
ARREARS IN OUTSTANDING SPECIAL AD
VALOREM LEVIES AND SPECIAL ASSESSMENTS
FOR THE FEDERAL GOVERNMENT OF NIGERIA
Whereas, since November 29, 2023, the City of Mount Vernon and the Federal Government of Nigeria ("Nigeria"), the entity that owns the real property located at 160 Lawrence Street, Mount Vernon, New York (the "Property"), have been working collaboratively to settle $148,301.11 in outstanding special ad valorem levies and special assessments owed b...
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