Houghton leadership confirms that the city is nearing a settlement with national retailer, Wal-Mart. City Manager, Eric Waara, confirmed that the two parties have agreed to terms, though each are yet to sign off on paperwork. This past Monday the city and Wal-Mart were expected to meet in the state tax tribunal court for the lawsuit that was initially filed five years ago.
At the time of filing suit, Wal-Mart sought a 60 percent reduction in its location’s property value, as well as a 1 point 2 million dollar reimbursement for property taxes paid during the years since 2018. The city and the retailer have avoided court, and are working to finalize the settlement agreement.
We hope to update this story with more details on the settlement in the coming days.