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DocuSign Envelope ID:CD609373-3AA7-4A4A-AD96-60FEBC2424AD <br /> The Board reviewed all documents and information provided by the appellant and the County. After <br /> deliberation and review,Mr. Beattie made a motion to accept the County's revised value of$8,248,500. <br /> Mr. Meyers seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> Mr. Beattie made a motion to recess the meeting until 1:45 PM. Ms. Levine seconded the motion and the <br /> Board recessed. <br /> Mr. Beattie called the meeting back to order at 1:45 PM. <br /> CIG Chapel Hill LLC PIN 9788308690 <br /> Alexander Carr appeared before the Board on behalf of CIG Chapel Hill LLC to appeal the value of <br /> property located at 186/221 Howell Street, Chapel Hill. The current assessed value of the property is <br /> $1,855,900. A list of evidence follows: <br /> APPELLANT COUNTY <br /> 9788308690 Appeal 9788308690 County <br /> Mr. Carr stated that the subject property is one of two separate parcels of student apartment properties <br /> along with PIN 9788402618 operated as one economic unit. The property was constructed in1967, <br /> renovated in the mid to early 2000s and most recently purchased in 2017. Mr. Carr stated the property has <br /> been struggling even before COVID,but based on an end of year 2020 income and expense analysis,the <br /> indicated value for the subject parcel was $1,422,976. <br /> Kelly Wells represented the County and reiterated that the property known as Ram's Horn Apartments <br /> spans across two parcels. Ms. Wells stated that the subject parcel consists of three buildings with a total of <br /> 4,992 square feet gross building area and has a current assessed value of$1,855,900. Ms. Wells stated <br /> that upon review of the total complex for both parcels by CCA,CCA weighted the sales comparison <br /> approach 45%and the income approach 55%for a reconciled valuation of both parcels of$4,987,757. <br /> This value was allocated between the two parcels based on the total square feet of the gross building area <br /> indicating a recommended value for the subject parcel of$1,507,926. As a result,Orange County <br /> recommends applying an economic market adjustment of E19 to the property value for a revised <br /> valuation of$1,503,200. <br /> The Board reviewed all documents and information provided by the appellant and the County. After <br /> deliberation and review,Mr. Beattie made a motion to accept the County's revised value of$1,503,200 <br /> for the subject property. Ms. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br />