Settlement Proposed Between River Ridge Mall and Lynchburg City
Lynchburg, VA - The lawsuit between the City of Lynchburg and River Ridge Mall could end with a $139 thousand settlement.
City Council still has to give the go-ahead.
Last December the mall sued the city, claiming its tax assessment from 2007 to 2010 was too high. Basically it meant the mall was paying the city too much in real estate taxes.
Here are the terms of the proposed settlement:
The mall drops its challenge of the 2007-2008 assessment.
Both parties agree that the 2009-2010 assessment is $45 million.
For 2013-2014, the assessment is a little more than $46 million.
Lastly, the city will pay the mall $139 thousand, a partial refund for 2009 through 2012.
City Council still needs to give the okay.