Interest calculated in stockyards' lawsuit versus city of Hillsboro
By
Rory Ryan-hcpress@cinci.rr.com
A judge has filed an entry granting pre- and post-judgment interest in favor of Union Stockyards in its ongoing litigation against the city of Hillsboro.
In a decision signed this week by Judge John Martin, the court finds that interest for judgments as calculated by the tax commissioner, pursuant to Revised Code 4503.47 (also see Ohio Revised Code Section 319.19) for the year 2008 is 8 percent. The rate of interest for the year 2009 is 5 percent.
“The court furthermore finds that the monthly calculations and the rate of interest on judgments for the year of 2008, the interest rate is .67 percent. For the year 2009, the interest rate is .42 percent,” Martin wrote.
“The court having rendered a verdict in the sum of $140,000 in favor of (the) plaintiff and against (the) defendant, it is hereby ordered, adjudged and decreed that the amount of interest due plaintiff from Feb. 7, 2008 through Nov. 23, 2009, is $15,680.21, a total judgment through Nov. 23, 2009, of $156,880.21. Further interest to be determined at a later date.”
In a memorandum filed last month, Martin said, “As indicated by the affidavit submitted by plaintiff, the defendant made no effort toward settlement of this matter. Such being the status of this lawsuit, the court finds it appropriate to grant plaintiff’s motion as to both forms of interest.”
“It is therefore ordered that counsel calculate the appropriate amounts due from the date this matter was initially filed up to the date of judgment, June 19, 2009, and from that date up to the date of this final appealable order, Nov. 23, 2009...”
Union Stockyards owners Bill and Janet Butler sued the city last year, following city council’s passage of an emergency resolution on Oct. 2, 2007, which authorized Mayor Dick Zink to purchase the stockyards property for no more than $325,000.
The city’s legal counsel, Kathryn Hapner, has maintained the purchase agreement was not signed. The Butlers’ counsel contends the city had a deal with the stockyards’ owners, and the city now wants to renege on its end of the bargain.
In a June 13 decision, Martin ruled in favor of the Butlers and ordered the city to pay $140,000 in damages to the Butlers. On June 19, Hillsboro City Council voted to have Hapner file an appeal of Martin’s decision with the Fourth District Court of Appeals.
Meanwhile, Loveland attorney Tom Tepe, representing the stockyards, filed the motion for pre- and post-judgment interest.[[In-content Ad]]
In a decision signed this week by Judge John Martin, the court finds that interest for judgments as calculated by the tax commissioner, pursuant to Revised Code 4503.47 (also see Ohio Revised Code Section 319.19) for the year 2008 is 8 percent. The rate of interest for the year 2009 is 5 percent.
“The court furthermore finds that the monthly calculations and the rate of interest on judgments for the year of 2008, the interest rate is .67 percent. For the year 2009, the interest rate is .42 percent,” Martin wrote.
“The court having rendered a verdict in the sum of $140,000 in favor of (the) plaintiff and against (the) defendant, it is hereby ordered, adjudged and decreed that the amount of interest due plaintiff from Feb. 7, 2008 through Nov. 23, 2009, is $15,680.21, a total judgment through Nov. 23, 2009, of $156,880.21. Further interest to be determined at a later date.”
In a memorandum filed last month, Martin said, “As indicated by the affidavit submitted by plaintiff, the defendant made no effort toward settlement of this matter. Such being the status of this lawsuit, the court finds it appropriate to grant plaintiff’s motion as to both forms of interest.”
“It is therefore ordered that counsel calculate the appropriate amounts due from the date this matter was initially filed up to the date of judgment, June 19, 2009, and from that date up to the date of this final appealable order, Nov. 23, 2009...”
Union Stockyards owners Bill and Janet Butler sued the city last year, following city council’s passage of an emergency resolution on Oct. 2, 2007, which authorized Mayor Dick Zink to purchase the stockyards property for no more than $325,000.
The city’s legal counsel, Kathryn Hapner, has maintained the purchase agreement was not signed. The Butlers’ counsel contends the city had a deal with the stockyards’ owners, and the city now wants to renege on its end of the bargain.
In a June 13 decision, Martin ruled in favor of the Butlers and ordered the city to pay $140,000 in damages to the Butlers. On June 19, Hillsboro City Council voted to have Hapner file an appeal of Martin’s decision with the Fourth District Court of Appeals.
Meanwhile, Loveland attorney Tom Tepe, representing the stockyards, filed the motion for pre- and post-judgment interest.[[In-content Ad]]