2021_11_17 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F housing apartment complex with 180 units (544 beds). Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 45%and the income approach at 55%for a reconciled valuation of$28,671,746. As a result of this review, Orange County recommends no change in value for the subject. 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 recommendation of no change in value for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 RRPV University Chapel Hill LP PIN 9799125797 Alexander Carr appeared before the Board on behalf of the appellant to appeal the value of the property located at 201 S. Estes Drive, Chapel Hill. The current assessed value of the property is $33,729,300. A list of evidence follows: APPELLANT COUNTY 9799125797 Appeal 9799125797 County Mr. Carr stated that he had spoken with the appellant and the appellant was now in agreement with the County's opinion of value. Kelly Wells represented the County and stated that the appellant had originally appealed the valuation on the basis that the income and expenses for 2020 suggest a lower valuation of$25,000,000 for this property. Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$33,875,225. As a result of this review, Orange County recommends no change in value 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 recommendation of no change in value for the property.Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 Having heard all of the appeals scheduled on this date,Mr. Beattie made a motion to adjourn this meeting at 3:23 PM. The motion was seconded by Ms. Levine and the meeting was adjourned.