Agenda - 05-04-2021; 8-k - Refund Request – Lake Orange Inc.

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3 The Law Office of Steve F. Yuh.as z, PLLC 7404 Fast. Beach Drive teak Island,'dC 2846 (919) 593-4887 steve@sfypIIc,c0M December 28,2020 The Honorable Renee Price Chair,Orange County Board of Commissioners PO Box 8181 Dy ... Hillsborough,NC 27278 I E:Property of Lake Orange;,h ic.PIN 9857,62-•3476 Lear Comroi ssioner Price: On behalf of Lake Orange;Inc.I hereby request a.refund for property taxes improperly assessed but paid for the years 2016,20171 2018, 2019,and 2020 and the release of thee property tax improperly assessed.but unpaid:for the years 201.6,2017,2018,2019,and 2020" I have been assisting jo]iYi'Tola:r';president and majority sharehnldcr of Lake Orange, Inc.in'various�matters,'and earlier this year 1 itot i.ct�d'tli zt'the` 5 acre:I ake:Orange,Inc. ' property has an assessed vaiue'of$54' 70O Aj?p.'roxrrnately 45�a"er�s,oi tlie'property is flood plain,unbuilclable'znder:Orange CounttT regulations and th�ts has little ' commercial value, 'I'considered this valuation to'be exeessive'aild t e''f Valu.atior was appealed to Board.of Equalization and Review.On jufi6'-24 2020,based.on their staff recommendation,the Board of E&R reduced the valuation to$151,500;This valuation more accurately represents the true value of the useable portion of the property and the improvements thereon. As you may know,Lake Orange,Inc.was formed in 1967 when five owners (Nichols, Patterson,Ray,Walker,and Tolar) adjoining the Erato River conveyed their property below 620 feet in elevation to the corporation in order to prepare the land for the construction of a dam and.water impoundment to serve Orange County. The corporation then conveyed all the property below 615 feet in elevation to Orange County,which subsequently constructed the dam and has since managed and maintained the dam and lake (Lake Orange), Lake Orange,hic.retained certain rights, including the recreation rights to the lake, Orange County obtained all the rights to the I ater,and a flood easement on and a right of•first're'fusal for any proposed.sale of the original Lake Orange,hie property. The following year `1968,the Tcjlars conveyed a separate ten-acre pare el to l,alce C�`range, Inn.w1u. comanis tl is itnprovemOtl s metitiortecl'above;'arid'i`s t�►e'oi-d part of ale, LalcP`Orai ge,Iric:'propett-y not en�lLrely confiaiiled�vithM4 flood plaiin.Tlixs t'en acre parcel,tial eii;addezL to'�thc brig nal'45'acres, comprises the current 55`acre Bolding.