2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B • Current Property Record Card • Sales Comparison Approach Value Sheet Motion of the Board Accept Coun 's Proposed Value: $18,061,700 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 Tarheel Lodging LLC Appellant(if different) Property Address 1740 Fordham Boulevard Parcel ID or Abstract 9799461693 Statement of Appeal: Request reduction in value based on condition(demolition of everything except underground and footings). Current Assessed Value $5,443,200 ounty Opinion $5,443,200 Time of Hearin 2:22 PM Appellant Opinion $1,448,831 County Representative Roger Gunn Board Decision $5,443,200 No change in value Evidence submitted by the appellant: • The property has footings and foundation of the hotel that was on the property until late 2024. The motel was demolished due to problems with it becoming a homeless encampment and due to vandalism. • The Quality Inn hotel was located on the site but due to problems with homeless taking shelter in the closed hotel and vandalism,prior to the end of 2024 we had the hotel buildings(but not the foundations or underground) demolished to eliminate the security issues for the area. At the time the property was valued at$3,824,200 which allocated$1,825,00 to the 3.65 acres of land and$1,920,800 to the building. The land value equated to $500,000 per acre. With the last revaluation,the land for the Sheraton hotel which is company with which we are involved owned by an affiliate of our company is valued at$1,984,700 for 5 acres or$396,800 per acre. We believe the land should be valued at the same per acre price as the Sheraton property or$1,448,320. Additionally,the size and dimensions of the property make redevelopment of the site less suitable for immediate re-development. Evidence submitted by the county representative: • The owner is appealing three contiguous parcels. The two vacant parcels should be looked at together and are looked at here. The owner has made two arguments: 1. The properties (especially 9799462939)are strangely configured and will not be easy to develop. The entitlement of the property shows 5-story buildings on almost all of it, so it does seem like it is able to be developed well.