2025_12_02 BOER Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B current assessed value of$11,355,400. As a result,the County feels the current assessed value is well supported. • GIS Map of Subject • Current Property Record Card(6 pages) • Subject and Comparable Sales Photos(6 pages) • Comparable Sales Sheet • Photos of Triangle Sales 60,000 to$80,000 per room • Raleigh/Durham/Chapel Hill Hospitality Market Report Motion of the Board Accept Coun 's Proposed Value: $11,355,400 No change in value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against ... Property Identification: Property Owner Glen Lennox Phase Two Appellant(if different) Morgan Fowler, Land LLC Ryan LLC Property Address 0.93-acre parcel between Parcel ID or Abstract 9798269502 Hamilton Road and Maxwell Road Statement of Appeal: Request reduction in value based on sales of comparable properties. Current Assessed Value $1,944,500 County Opinion $1,944,500 Time of Hearin 1:33 PM Ap ellant Opinion $1,150,000 County Representative Roger Gunn Board Decision $1,944,500 No change in value Evidence submitted by the appellant: • Based on sales of comparable properties,the subject has an indicated value of$1,150,000. Evidence submitted by the county representative: • The subject property constitutes Block 4 and a portion of Block 5 of the Glenn Lennox Master Plan as indicated in the Glen Lennox Area Neighborhood Conservation District Plan for CD- SC as adopted by the Chapel Hill Town Council on May 30, 2012. According to the zoning overlay, as well as the height amendment approved in 2021,Block 4 is approved for up to 6 stories. In 2022 Block 4 was approved for the Link Apartments Calyx II, a 291-unit complex. • Approval of the CD-8C overlay, as well as the Glenn Lennox Master Plan represents the culmination of a tremendous amount of entrepreneurial effort going back as far as 2010. As a result,the land is now heavily entitled,with broad options for development ranging based on block between commercial, office,residential, and mixed-use with heights up to 8 stories based on block. Any reasonable market participant would expect to be compensated or pay for the effort required to gain this approval and the time involved.