[RP TownTalk] Riverdale Park's settlement with Riggs Bank

[Kate Sharpe]

Yes, that's right.  Although we were still negotiating with PNC/Riggs when we set the budget, we were aware that a settlement was in the works, and tried to plan accordingly.  The settlement won't affect the rest of the town's budget items.

Kate Sharpe


----- Original Message ----
From: Marc Molino <mmolino54 at hotmail.com>
To: TownTalk at riverdale-park.org
Sent: Saturday, September 8, 2007 9:33:36 AM
Subject: [RP TownTalk] Riverdale Park's settlement with Riggs Bank


For those that missed this article in the Gazette, it's here:
http://www.gazette.net/stories/090607/hyatnew184431_32357.shtml

To summarize, after being sold to PNC and closing last year, Riggs Bank 
filed amended tax returns for 2003 through 2005 requesting $273,000 from the 
town of Riverdale Park. The undisclosed settlement amount is less than the 
requested $273,000. The town council voted Tuesday to amend the 2008 budget 
and move $100,000 from its reserve funds to its expenditures. This payment 
was anticipated and expected by Riverdale Park.

Raytheon Corp. has leased 90% of the former Riggs bank building on River Rd.

It sounds to me as if this does not effect any of the town's plans for the 
year--is that accurate?

-Marc Molino
4801 Queensbury

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