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DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F Northwestern Mutual Life Insurance Company PIN 9880363419 Tom Sanders appeared before the Board to appeal the value of 1.48 acres on Perkins Drive, Chapel Hill. The current assessed value of the property is $148,300. A list of evidence follows: APPELLANT COUNTY 9880363419 Appeal 9880363419 County The appellant provided a survey of the 1.48 acre property adjacent to an area apartment complex and explained that with a Duke Energy overhead power line easement and other easements through the site, the subject cannot be developed and generate income and is basically just a public use property. The appellant referred the Board to a similar nearby parcel,PIN 9880261499,which has a value of$13,700. Based on this property,the appellant feels the value of the subject property should be $20,075. Jimmy Milliken represented the County and stated that upon review of the subject property,the County determined that the property is not buildable and suggests the Use adjustment on the land be changed from-90%to -98%leading to a revised valuation of$29,700 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of$29,700 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 Tri City Investments LLC PIN 9799692931 Michael Benak from McCarter&English appeared before the Board to appeal the value of the ouproperty located at 1801 Fordham Boulevard, Chapel Hill. The current assessed value of the property is $16,045,200.A list of evidence follows: APPELLANT COUNTY 9799692931 Appeal 9799692931 County The appellant stated that the prior assessment of the subject property was around$8 million and the current$125 per square foot valuation is significantly higher than the other Lowe's Home Improvement stores throughout the state. Mr. Benak referenced documentation and stated that his firm had represented Lowe's Home Improvement in many tax appeals throughout the state, and have consistently settled these appeals at$65 per square foot for these stores' values. Mr. Benak stated that the income approach for the subject property would indicate a value of$56 per square foot for the subject,but based on the values of other area Lowe's Home Improvements,the appellant is requesting a value of$60 per square foot or $7,686,000 for the subject property. Kelly Wells represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 40%and the income approach at 60% for a reconciled valuation of