The ordinance authorizes a settlement for a lawsuit regarding the assessed property value of Ridgegate Apartments at 524 Howard Street, agreeing to a value of $65 million for tax purposes for the fiscal year 2021-2022. If this value is not accepted, the Assessment Appeals Board will hold a new hearing to determine the property's assessed value.
Ordinance authorizing settlement of the lawsuit filed by Ridgegate Apartments, Inc. against the City and County of San Francisco concerning the real property located at 524 Howard Street, San Francisco, CA (Assessor’s Parcel Block No. 3721, Lot No. 013) (the “Subject Property”) for: 1) a stipulated assessed value of the Subject Property for property tax purposes of $65,000,000 as of January 1, 2021, for the Fiscal Year (FY) 2021-2022, or 2) if the Assessment Appeals Board does not accept that stipulated assessed value, agreement that the Assessment Appeals Board hold a new assessment appeal hearing to determine the assessed value of the Subject Property as of January 1, 2021, for the FY2021-2022; the lawsuit was filed on April 12, 2024, in San Francisco Superior Court, Case No. CGC-24-613885; entitled Ridgegate Apartments, Inc. vs. City and County of San Francisco; the lawsuit involves the assessed value of the Subject Property for property tax purposes as of January 1, 2021, for the FY2021-2022.
How it got here
The legislation originated from a lawsuit filed by Ridgegate Apartments, Inc. regarding the assessed value of their property for tax purposes.
Ridgegate Apartments, Inc. filed a lawsuit against the City and County of San Francisco concerning the assessed value of their property located at 524 Howard Street for the fiscal year 2021-2022.
The City Attorney prepared a proposal to settle the lawsuit, recommending a stipulated assessed value of $65,000,000 for property tax purposes or a new assessment appeal hearing if the stipulated value was not accepted.
The Government Audit and Oversight Committee reviewed the settlement proposal and recommended it for approval.
The Board of Supervisors passed the ordinance on first reading, authorizing the City Attorney to settle the lawsuit.
The Board of Supervisors finally passed the ordinance, officially authorizing the settlement of the lawsuit.
The Mayor approved the ordinance, finalizing the settlement agreement.
Reconstructed from attached documents & the official record
