QUACKENBUSH SETTLEMENT PETITION

QUACKENBUSH SETTLEMENT PETITION

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Nick Herkimer started this petition to VILLAGE OF HERKIMER BOARD OF TRUSTEES

VOICE IN FAVOR OF SETTLEMENT WITH THE HERKIMER COUNTY IDA TO STOP LITIGATION

We, the undersigned, are residents of Herkimer County, NY, and hereby protest the continuation of litigation with the Herkimer County IDA over Quackenbush Water/Sewer Rents, by the Village of Herkimer Board of Trustees.

We hereby request that the Village of Herkimer Board of Trustees reconsider the settlement proposal presented by Mayor Netti at the Regular Meeting of the Village of Herkimer Board of Trustees held on February 1, 2021.

PROPOSAL SUMMARY

In our (Village/Herkimer 9) dialog we have focused attention on two primary financial figures that require ensuring the Village is “made whole”. The first is the 2005 water bill that is the only referenced figure in the existing lawsuit against the IDA. The second is the legal fees that would be required paid upon dismissal of the lawsuit. 

WATER BILL: Based on the email, per Attorney Longstreet and the Village, the water bill is limited (per the lawsuit) to $99,545.83. The previously paid water bill (for $124,662.01) is a separate financial figure that (if pressed by the Village) would have to be legally argued (separately) per the reasoning as to why the IDA “took it back” via the County years after it was previously paid; and is therefore not included in making the Village whole per the lawsuit.

LEGAL FEES: Based on the email, per Attorney Longstreet and the Village the legal fees amount to $200,000.00

By applying the water bill of $99,545,85 in combination with the legal fees of $200,000.00 – the total proposed payment amount to the Village of Herkimer is $299,545.85.

Once the building is occupied by the Youth/Adult STEM and Incubator Lab/Business Development Center – the lease (net) revenue to Herkimer 9, LLC is anticipating to exceed $100,000 per year. It should also be noted that the Incubator Lab/Business Development Center will also be operating on a revenue sharing basis with those engaging the facility – serving the potential for additional on-going/yearly revenue.

ALL SIGNERS OF THIS PETITION MUST BE HERKIMER COUNTY RESIDENTS

NO DONATIONS ARE REQUIRED TO SIGN THE PETITION

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