2023-08-08 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:3058D1 F5-C407-48B0-BD2C-75F68D5B554B • The subject property is a vacant parcel located at 860 Weaver Dairy Rd. in Chapel Hill with 44.78 acres. The County recognizes the unusable portions of the parcel and currently has a- 80%market factor on the land to account for the stream buffer/wetlands, I-40 required buffer and power line easements. • The parcel used as an equitable comparison in the appeal is over 100 acres, a multi-family property and is mostly exempt. • 22.5 acres of the parcel was listed for$8,300,000 which an offer was made for$7,200,000 and later withdrawn. The County recommends changing the market adjustment from-80%to-83%resulting in the value decreasing from$8,956,000 to $7,612,600 to reflect the value based on the former offer to purchase plus the residual land. • Aerial view of the subject property. • Property record cards indicating before and after changes and values. Motion of the Board To accept the County's revised value of$7,612,600 Made the motion Hunter Beattie Seconded the motion Barbara Levine Voted For Tony Blake Voted Against Property Identification: Property Owner RRPV University Chapel Appellant(if different) Alexander Carr-Ryan Hill LP LLC Property Address 201 S. Estes Drive Parcel ID or Abstract 9799220641 Statement of Appeal: Request a reduction in value due to recent demolition. Current Assessed Value $32,019,900 County Opinion $323019,900 Time of Hearin 1:39 PM Appellant Opinion $16,009,950 County Representative Kelly Wells Board Decision $32,019,900 Evidence submitted by the appellant: • Based on some demo that was completed on the mall. Evidence submitted by the county representative: • The subject property is located at 201 S. Estes Drive in Chapel Hill,known as University Place Mall. There were permits issued in March of 2023 for demolition on portions of the mall which started shortly after,These changes will be captured in the valuation for 2024. Since there were