<html><head><style type="text/css"><!-- DIV {margin:0px;} --></style></head><body><div style="font-family:times new roman, new york, times, serif;font-size:12pt"><DIV style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman, new york, times, serif">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.</DIV>
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<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman, new york, times, serif">Kate Sharpe<BR><BR></DIV>
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman, new york, times, serif">----- Original Message ----<BR>From: Marc Molino <mmolino54@hotmail.com><BR>To: TownTalk@riverdale-park.org<BR>Sent: Saturday, September 8, 2007 9:33:36 AM<BR>Subject: [RP TownTalk] Riverdale Park's settlement with Riggs Bank<BR><BR>
<DIV>For those that missed this article in the Gazette, it's here:<BR><A href="http://www.gazette.net/stories/090607/hyatnew184431_32357.shtml" target=_blank>http://www.gazette.net/stories/090607/hyatnew184431_32357.shtml</A><BR><BR>To summarize, after being sold to PNC and closing last year, Riggs Bank <BR>filed amended tax returns for 2003 through 2005 requesting $273,000 from the <BR>town of Riverdale Park. The undisclosed settlement amount is less than the <BR>requested $273,000. The town council voted Tuesday to amend the 2008 budget <BR>and move $100,000 from its reserve funds to its expenditures. This payment <BR>was anticipated and expected by Riverdale Park.<BR><BR>Raytheon Corp. has leased 90% of the former Riggs bank building on River Rd.<BR><BR>It sounds to me as if this does not effect any of the town's plans for the <BR>year--is that accurate?<BR><BR>-Marc Molino<BR>4801
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