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DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F <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 valuation of <br /> $14,742,100. Ms. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> Shortbread Lofts LLC PIN 9788169824 <br /> Alexander Carr appeared before the Board on Behalf of Shortbread Lofts LLC to appeal the value of the <br /> property located at 333 W.Rosemary Street, Chapel Hill. The current assessed value of the property is <br /> $36,607,700.A list of evidence follows: <br /> APPELLANT COUNTY <br /> 9788169824 Appeal 9788169824 County <br /> William Owens from Ryan represented the appellant and summarized supporting evidence of an analysis <br /> of the year 2020 on actual income supporting a value opinion of around$33,000,000 for the property. <br /> Kelly Wells represented the County and stated the subject is a 179-unit student apartment complex. <br /> Upon review of this property by CCA, CCA weighted the sales comparison approach at 45%and the <br /> income approach at 55%for a reconciled valuation of$35,884,032.As a result of this review, Orange <br /> County recommends applying an E20 economic market adjustment to the property,thereby reducing the <br /> value of the property from$36,607,700 to $35,875,400. <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$35,875,400 <br /> for the property. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> Waypoint UNC Chapel Ride Owner LLC PIN 9789198723 <br /> Alexander Carr appeared before the Board on behalf of the appellant to appeal the value of the property <br /> located at 1242 Legacy Terrace, Chapel Hill. The current assessed value of the property is $28,582,300. <br /> A list of evidence follows: <br /> APPELLANT COUNTY <br /> 9789198723 Appeal 9789198723 County <br /> William Owens from Ryan represented the appellant and summarized the supporting evidence of the 2020 <br /> actual income analysis which supported a value opinion of around$22,400,000. <br /> Kelly Wells represented the County and reiterated that the appellant is appealing the valuation on the <br /> basis that the income and expenses from 2020 suggest a lower valuation of$22,408,447 for this student <br />