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DocuSign Envelope ID:9A676531-F35E-4E66-B48C-3107043DBD2E <br /> Cyle Anderson represented the County and stated that the subject property is an office condominium <br /> building built in 2008 and the appellant has not provided any supporting documentation for their opinion <br /> of value of$24,000,000 for the property. <br /> Mr. Anderson stated that upon review of this property by CCA, CCA weighted the sales comparison <br /> approach at 25%and the income approach at 75%for a reconciled valuation of$31,338,775 for the <br /> property. As a result of this review, Orange County recommends applying an E02 economic modifier to <br /> the property for a revised valuation of$31,610,200. <br /> The Board reviewed all documents and information provided by the appellant and the County. After <br /> deliberation and review and in the absence of any evidence from the appellant,Mr. Beattie made a motion <br /> to accept the County's revised valuation of$31,610,200 for the property. Ms. Levine seconded the motion <br /> and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> East 54 Office Retail LLC PIN 9798345972.003 <br /> Alexander Carr elected not to appear before the Board and requested that the submitted documentation <br /> serve as the appeal. The appellant is appealing the value of the property located at 1205 Environ Way, <br /> Chapel Hill. The current assessed value of the property is $17,538,600. A list of evidence follows: <br /> APPELLANT COUNTY <br /> 9798345972.003 Appeal 9798345972.003 County <br /> Cyle Anderson represented the County and stated the subject property is a retail condominium building <br /> built in 2008 and the appellant has not provided any supporting documentation for their opinion of value <br /> of$12,000,000 for the property. <br /> Upon review of this property by CCA, CCA weighted the sales comparison approach at 25%and the <br /> income approach at 75%for a reconciled valuation of$13,578,160.As a result of this review, Orange <br /> County recommends applying an E23 neighborhood modifier for a revised valuation of$13,504,700. <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 revised valuation of <br /> $13,504,700. Mr. Meyers seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br />