Riverdale Park Town, MD

Riverdale Park Town, MD: (Sep-05-07) Riggs Bank brought charges against Riverdale Park Town, after the bank filed amended tax returns for 2003 through 2005 requesting about $273,000 from the town after it was sold to PNC and then closed in 2006. Riggs Bank was purchased by PNC and then closed in May 2006. The bank's closing also took away about $75,000 in revenue that it generated per year from taxes. Town officials claimed that $273,000 is about 8% of the town's budget, and would be a big hit. Sources stated that similar to individuals, corporations are allowed to file an amended tax return if they made an error when they originally filed. The council decided that it would be a greater benefit to the town if it negotiated a settlement with the bank, rather than opt for the risks of protracted litigation.

The council voted to amend the budget for the 2008 fiscal year, moving $100,000 from its reserve funds to its expenditures. This is the first payment the town will make to the bank. Town officials stated that they would have to pay more money, but the total amount they will be paying will be less than $273,000 and that it won't include interest or legal fees. [GAZETTE: AMENDED TAXES]

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Published on Sep-6-07