The ordinance authorizes the settlement of two lawsuits filed by Park Hotels & Resorts Inc. against the City regarding the assessed property value and tax refund for a specific property on Geary Street. It includes a stipulated assessed value of approximately $93.2 million and a refund of $785,531 plus interest, pending approval from the Assessment Appeals Board.
Ordinance authorizing settlement of two related lawsuits filed by Park Hotels & Resorts Inc. et al. against the City and County of San Francisco concerning the real property located at 542-550 Geary Street, San Francisco, CA (Assessor’s Parcel Block No. 0305, Lot No. 008 and Assessor’s Parcel Block No. 0305, Lot No. 009) (the “Subject Property”) for a stipulated assessed value of $93,237,202 as of September 18, 2019, contingent upon the Assessment Appeals Board’s approval, and a refund of $785,531 plus statutory interest; the first lawsuit was filed on August 18, 2023, in San Francisco Superior Court, Case No. CGC-23-608476; entitled Park Hotels & Resorts Inc., et al. v. City and County of San Francisco; the second lawsuit was filed on June 27, 2023, in San Francisco Superior Court, Case No. CGC-23-607309; entitled Park Hotels & Resorts Inc. v. City and County of San Francisco, et al.; the lawsuits involve the assessed value of the Subject Property for property tax purposes as of the September 18, 2019 change in ownership date and a transfer tax refund.
How it got here
The legislation originated from two lawsuits filed by Park Hotels & Resorts Inc. against the City concerning property tax assessments and transfer tax refunds for a property on Geary Street.
The first lawsuit was filed in San Francisco Superior Court concerning the assessed value of the property for tax purposes.
The second lawsuit was filed, involving a transfer tax refund related to the same property.
The lawsuits reference a change in ownership date that affects the assessed value for property tax purposes.
The City Attorney recommended settling the lawsuits for a stipulated assessed value and a refund amount.
The committee recommended the ordinance for settlement of the lawsuits.
The Board of Supervisors passed the ordinance on first reading.
The ordinance was finally passed by the Board of Supervisors.
The Mayor approved the ordinance authorizing the settlement.
Reconstructed from attached documents & the official record
