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This means communities that are home to about 20 factories and other real estate could see less revenue than they expected. These include Detroit, Sterling Heights, Twinsburg, Ohio; Fenton, Mo., Kenosha, Wis., and Newark, Del.
Old Carco estimated that it owed $14 million in property taxes when Chrysler filed for bankruptcy on April 30. While the bankruptcy estate has paid some of those taxes, Old Carco would like a discount on other tax bills.
Brian Baker, Sterling Heights finance and budget director, said Chrysler had paid the city $2.4 million in property taxes by Sept. 1, The city is home to a Chrysler assembly plant, which is part of Old Carco, and a stamping plant, which is part of Chrysler Group LLC.
The automaker has asked Sterling Heights to reduce its tax bill by 40%, or $1 million. The two sides are negotiating and Baker said he hopes to settle the matter in the next week.
Corinne Ball, the lead attorney for Old Carco, wrote in the filing that "a number of taxing authorities have indicated their willingness to compromise" on the taxes in return for early payment.
Ball also said Chrysler Group LLC, the new Fiat-controlled company that emerged from bankruptcy, "may even pay some of the underlying liabilities themselves."
A Chrysler spokesman declined to comment on the matter.
Ball said Chrysler Group might pay the back taxes for Old Carco in exchange for the transfer of unexpired tax abatements from unwanted facilities to those it will keep.
Old Carco also wants to settle the matter soon because some communities have secured tax liens for unpaid taxes at interest rates of more than 10%. Ball also said that resolving the back taxes would make it easier for Oldcarco to sell its plants and land.
Gonzalez scheduled a hearing for Oct. 22 on the request.
Contact GREG GARDNER: 313-222-8762 or ggardner@freepress.com. Free Press staff writer Christina Hall contributed to this report.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com Copyright (c) 2009, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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