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DocuSign Envelope ID:639C5139-26DA-4AC3-8274-8C6D5BE5A52A <br /> Yes: 3 <br /> Noes: 0 <br /> CHAPEL HILL FOUNDATION REAL ESTATE HOLDINGS INC PIN 9788268572.001 <br /> Hailey Garrett from Ryan LLC elected not to appear before the Board on behalf of Chapel Hill <br /> Foundation Real Estate Holdings Inc. to appeal the valuation of the property located at 113 W. Franklin <br /> Street, Chapel Hill. The current assessed value of the property is $106,220,100. <br /> A list of evidence follows: <br /> APPELLANT COUNTY <br /> 9799038088.013 Appeal 9799038088.013 County <br /> Cyle Anderson represented the County and stated that the subject property,known as Carolina Square is a <br /> mixed-use development with retail apartments, a performing arts theatre and a parking deck. The subject <br /> contains three buildings with 52,591 combined square feet gross building area of retail space valued at <br /> $6,537,800. The appellant suggests that the retail portion of this development and the impacts of COVID- <br /> 19 on the retail portion were their main concern with this appeal. The appellant provided a list of the <br /> tenants who have either left,were not paying rents, or were paying discounted rents. The appellant also <br /> provided income and expense information that suggests, in their opinion, a lower valuation of$5,390,000 <br /> for the retail portion of the development and an overall valuation of the property of$95,600,000 although <br /> no other information was provided as support for their overall opinion of value. <br /> Mr.Anderson stated that upon review of this property by CCA, CCA determined that the indicated value <br /> of the retail portion of the subject property by the sales comparison approach is$6,047,965 and the <br /> indicated value by the income approach is $5,932,877. The indication of value from the sales comparison <br /> approach was weighted 40%and the indication of value from the income approach was weighted 60%for <br /> a reconciled valuation of$5,978,912 for the retail portion of the development. <br /> Mr.Anderson stated that as the retail space was the only portion of the assessment being challenged by <br /> the appellant, Orange County recommends adding 10% economic depreciation to the three retail buildings <br /> located in the subject development. The application of this depreciation would reduce the value of the <br /> retail space to $5,862,800 and the overall assessed value of the property to $105,544,900. <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 County's revised valuation of$105,544,900 <br /> for the property. Mr. Meyers seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> AKS REAL ESTATE HOLDINGS LLC PIN 9787143928 <br /> Larry Burks elected not to appear before the Board on behalf of AKS Real Estate Holdings LLC to appeal <br /> the valuation of the property located at 3819 S. Columbia Street, Chapel Hill. The current assessed value <br /> of the property is $2,258,000. A list of evidence follows: <br />