The ordinance authorizes a settlement for a lawsuit regarding the assessed property value of 1 Nob Hill Circle, agreeing on a value of $152.6 million as of February 28, 2017, pending approval from the Assessment Appeals Board. This lawsuit was initiated by Leadwell Global Property LLC against the city in June 2020 concerning property tax assessments.
Ordinance authorizing settlement of the lawsuit filed by Leadwell Global Property LLC against the City and County of San Francisco for a stipulated assessed value of the real property located at 1 Nob Hill Circle, aka 999 California Street, San Francisco, CA (Assessor’s Parcel Block No. 0255, Lot No. 002) (the “Subject Property”) of $152,600,000 as of February 28, 2017, contingent upon the Assessment Appeals Board’s approval; the lawsuit was filed on June 26, 2020, in San Francisco Superior Court, Case No. CGC-20-585163; entitled Leadwell Global Property LLC v. City and County of San Francisco, et al.; the lawsuit involves the assessed value of the Subject Property for property tax purposes as of the February 28, 2017, change in ownership date.
How it got here
This legislation originated from a lawsuit regarding the assessed value of a property in San Francisco, prompting the City Attorney to seek settlement approval from the Board of Supervisors.
Leadwell Global Property LLC filed a lawsuit against the City and County of San Francisco regarding the assessed value of their property located at 1 Nob Hill Circle.
The lawsuit involves the assessed value of the property for tax purposes as of the change in ownership date.
The City Attorney prepared an ordinance to authorize the settlement of the lawsuit for a stipulated assessed value of $152,600,000.
The Government Audit and Oversight Committee recommended the ordinance for passage.
The Board of Supervisors passed the ordinance on first reading.
The Board of Supervisors finally passed the ordinance authorizing the settlement.
The Mayor approved the ordinance, finalizing the settlement process.
Reconstructed from attached documents & the official record
