ROCHESTER, N.Y., April 30 (UPI) -- Eastman Kodak officials denied the company donated land to Greece, N.Y., in a swap for lower property assessments.
"Kodak had no reason at the time to believe that the appraisal done by John Nicolo was incorrect," company spokeswoman Krista Gleason said in a written statement.
The controversy involves 110 acres of the Canal Ponds Business Park in Greece, N.Y., that Kodak gave to nonprofit Infotonics Technology Center.
The nonprofit later sold the property to the Town of Greece, the Democrat and Chronicle newspaper in Rochester, N.Y., reported Wednesday.
Prosecutors say appraiser John Nicolo, on trial in federal court on conspiracy, money laundering and fraud charges, was involved in a kickback scheme with former Kodak executive David Finnman.
Nicolo appraised the property at $25 million, which Kodak wrote off on its 2002 taxes.
After Nicolo's arrest in 2005, the company hired appraisers Deloitte & Touche, who came up with property value of $9.8 million.
Kodak has since paid $6 million more on its revisited tax bill.
In the trial, now in its eighth week, former Kodak tax executive Mark S. Camarata testified that a former Greece assessor had demanded the company swap land in exchange for lowered assessments.
