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<br /> I <br /> , <br /> ~ <br /> . M E M 0 RAN DUM <br /> November 27, 1985 <br /> TO: Mayor and City Council <br /> FROM: Warren G. Wong, Finance Director <br /> Carol A. James, Audit Supervisor <br /> SUBJECT: 10TH AND OAK ASSESSMENT DISTRICT -- ADJUSTMENT OF ASSESSMENTS <br /> On Monday, November 25, 1985, Council heard public testimony and approved, on <br /> first reading, CB 2863, which authorizes the reduction of the original 10th <br /> and Oak assessments by $652,869.38. As discussed in that meeting, this <br /> assessment adjustment is required as part of the tentative settlement of the <br /> litigation related to the rebate of net operating revenues from the 10th and <br /> Oak Overpark. Council did not take final action on this proposed adjustment <br /> of the 10th and Oak assessment pending Court approval of the settlement. <br /> On November 26, 1985, the Court approved the proposed settlement subject <br /> to final approval by the City Council of the assessment adjustment. The <br /> Court also ordered that the signed settlement agreements be filed with the <br /> Court ana that, upon filing of the signed agreements, final judgment, in the <br /> form previously provided by the City, would be entered. - <br /> . Staff therefore recommends final approval of the proposed ordinance to <br /> adjust the original 10th and Oak Overpark assessments. This will complete the <br /> Council action necessary to allow for the processing and distribution of <br /> checks related to the settlement. <br /> e <br />