By AUSTIN MONTGOMERY
BELOIT — A tax assessment dispute between the Staples Distribution Center in Beloit and the City of Beloit may be nearing settlement, with the Beloit City Council set to meet tonight in executive session to hear an update on negotiations.
The company filed its objection to its city assessment in May of last year, and also waived the Board of Review hearing, according to records related to the case.
“The parties are in the process of negotiating the settlement,” said City Attorney Elizabeth Krueger, adding she could not release any other information related to a potential deal ahead of tonight’s meeting.
A May 2016 assessment done by the city found the distribution center was potentially worth $27.18 million. The company, however, argued the property at 3140 Colley Road was worth $8 million, according to the objection paperwork, marking a $19.18 million difference in estimated assessed values.
The property generates over $300,000 in annual property taxes, records show.
Of the totals estimated by the city, $1.31 million in land value and $25.87 million in improvements make up the municipality’s assessment.
The distribution center marked one of the original members of the Gateway Business Park, being the second development to locate in the area over 10 years.
The center has added over 230 careers for workers, and when the project first started the site was estimated to be worth $14 million, according to city data.
The company is represented by attorney Lynn S. Linne of Minneapolis, Minnesota.
The council will meet in closed session after the regulation meeting scheduled for 7 p.m., with the executive session tentatively starting around 8:30 p.m.
Representatives for Staples could not be reached for comment.