2025_12_02 BOER Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B • The appellant has provided a pieces and parts equity argument based on six comparable properties. Three of the comparables provided include allocated values of improved property, while two do not have zoning/entitlements consistent with those of the subject property. The remaining comparable is that of 19 Maxwell Rd,which is under the same master plan as the subject property and is assessed at a similar value. This poor equity argument is then combined with sales of the same properties,two of which occurred after the lien date(201 Village Centre Dr& 1708-1712 Legion Rd)and one of which(19 Maxwell Rd) appears to have been a related party transaction between companies owned by the owner of the subject property in question. • The result of a reconciliation of such inconsistent data cannot sustain a consistency argument such as that being presented by the appellant. Consequently,no adjustment can be supported. • GIS Map of Subject • Current Property Record Card(24 pages) • Comparable Sales Analysis Motion of the Board Accept Coun 's Proposed Value: $1,944,500 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 2 Maxwell Road Parcel ID or Abstract 9798268290 Statement of Appeal: Request reduction in value based on sales of comparable properties. Current Assessed Value $5,896,300 ounty Opinion $5,896,300 Time of Hearin 1:40 PM Appellant Opinion $3,500,000 County Representative Roger Gunn Board Decision $5,896,300 No change in value Evidence submitted by the appellant: • Based on sales of comparable properties,the subject has an indicated value of$3,500,000. 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- 8C 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 11, 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