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DocuSign Envelope ID: E275D4DE-CD48-4919-BE2A-D86FEADF0352 <br /> MINUTES <br /> Board of Equalization and Review <br /> Date: August 25, 2021 <br /> Board Members Present: <br /> Hunter Beattie, Chair <br /> Leon Meyers,Regular <br /> Barbara Levine,Regular <br /> Staff Members Present:Nancy Freeman, Tax Administrator <br /> Chad Phillips,Deputy Tax Assessor <br /> Roger Gunn,Real Property Appraisal Manager <br /> Chris Mashburn MAI, State Certified General Appraiser with CCA <br /> Kelly Wells, Chief Appraiser <br /> Cyle Anderson,Appraiser <br /> Vrinlli Flores,Administrative Assistant <br /> SCHEDULE: <br /> 9798345972.134-.191 Environs at East 54 LLC APPEARING <br /> 9874064150 Vandy Enterprises LLC APPEARING <br /> Chair Hunter Beattie called the meeting to order at 1:01 PM. <br /> Environs at East 54 LLC PIN 9798345972.134-.191 <br /> Kevin Baker from Marvin F. Poer&Company appeared before the Board on behalf of the appellant to <br /> appeal the valuation of the 58 condominium units located at 5008-5413 Environ Way, Chapel Hill. The <br /> current cumulative assessed value of all condominium units of this property is $11,494,700. A list of <br /> evidence follows: <br /> APPELLANT COUNTY <br /> 9798345972.134-191 Appeal 9798345972.134-.191 County <br /> The original cumulative assessed values of all 58 condominium units that comprise the Environ's Lofts at <br /> East 54 Apartments was $13,487,000 yielding an average value of$232,535 per unit. The appellant <br /> submitted an informal appeal in which the County reviewed and decreased the cumulative valuation of <br /> the 58 units to $11,494,700 or$198,184 per unit. <br /> The appellant is requesting that the Board further reduce the cumulative valuation of the units to <br /> $9,566,733 or$164,944 per unit. Mr. Baker explained that the subject property is an apartment complex <br /> originally developed as individual condominium units. However,the market indicated the better use of <br /> the units was for all units to be held by a single entity and operated as an apartment complex. Despite <br /> being operated as an apartment complex,the 58 units are still encumbered by Homeowners Association <br /> (HOA)fees that cover common areas and maintenance,which should account for an additional 9 to 10% <br />