A resolution authorizing the Department of Law to settle The Metropolitan Government of Nashville and Davidson County's claim in Kmart Corporation's Chapter 11 bankruptcy, for the payment of $101,196.15 to the Metropolitan Government.

WHEREAS, Kmart Corporation filed for Chapter 11 bankruptcy on January 22, 2002 in the United States Bankruptcy Court, Northern District of Illinois, Eastern Division, Docket No. 02-02474; and

WHEREAS, the Metropolitan Government filed a proof of claim for unpaid personal and real property taxes for tax years 2001 and 2002; and

WHEREAS, Kmart has agreed to settle the Metropolitan Government's tax claim by paying the Metropolitan Government a lump sum payment of $101,196.15; and

WHEREAS, after a thorough investigation, the Metropolitan Department of Law believes that the settlement is fair and reasonable and in the best interest of the Metropolitan Government, and recommends that the settlement be accepted.

Now, therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1. That the Metropolitan Department of Law is authorized to settle the Metropolitan Government's claim in Kmart Corporation's Chapter 11 bankruptcy case for the payment by Kmart Corporation to the Metropolitan Government the sum of $101,196.15, and to deposit said funds into the appropriate fund and account as determined by the Director of Finance.

Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Diane Neighbors

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	September 20, 2005
Adopted:	September 20, 2005
Approved:	September 21, 2005
By: