The Ridgefield Board of Selectmen has approved a settlement agreement with The Prospector Theater.  The item about the organization's tax status was on the Board's agenda Wednesday night.  The Ridgefield Press reports that both sides have signed the legal settlement where the town is recognizing The Prospector as a charitable-instructional institution going forward. 

The Prospector has agreed to make $36,000 payments in lieu of taxes to the town each year, adjusted for the mill rate.  The Press reports that that figure is about a quarter of their annual tax bill. 

The settlement stems from a lawsuit by the Prospector against the town over the Tax Assessor saying the organization was 55-percent charitable and 45-percent commercial.