2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B includes the value of the parking. The subject property however is bifurcated by the Durham/Orange County line and a significant portion of the parking lot for the subject property is in Durham and Durham has placed a tax value of$2,128,684 of this parking. This should be backed out of the value of the subject property resulting in a new value of$12,633,336. In addition,the Aloft is located within a vibrant mixed-use development with shopping and food outlets making it more attractive to visitors. The Tru is in the new Blue Hill district which also makes it more attractive to travelers. Evidence submitted by the county representative: • The owner has made three primary arguments. The first is an equity argument. There is no support for an equity argument on a commercial property when commercial properties are quite different, and we do not have income and expense numbers provided for the appellant's equity comparables. Additionally, I always take note when there is an equity argument and no income/expense data provided for the subject. The County agrees that the Tru by Hilton on Fordham Blvd is probably under-assessed. The County also notes that we were provided income and expenses on Aloft,but not on the Tru by Hilton or the subject Courtyard by Marriott. • The indicated value from comparable sales in the attached Comparable Sales Sheet indicates a total property value of$22,417,995 for the property. However, as 3.06 acres of the property is located in Durham County,the Durham County assigned value of$2,128,684 should be removed from this amount as well as the$1,087,631 of Orange County 2025 business personal property value for a value of the Orange County real property of$19,201,680. As this value is 99.8%of the current assessed value of$19,233,100,no change to the current assessed value is supported. • GIS Map of Subject • Current Property Record • Sales Value Sheet Motion of the Board Accept Coun 's Proposed Value: $19,233,100 No change in value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For Voted Against Leon Meyers Property Identification: FP—ro—perty Owner CHI Europa LLC Appellant Rf different Property Address 1 Europa Drive Parcel ID or Abstract 19799478402 Statement of Appeal: Request reduction in value based on deduction of items taxed as personal property, age of property, depreciation/maintenance, 2024 EBITDA,brand value,and grade/condition.