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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B <br /> 2. An equity argument based on the land/building allocation from a single property <br /> that has a different zoning than this and is being used for a hotel while this parcel is <br /> in process of being a dense multifamily site. The property referenced is <br /> 9799478402,the Sheraton Hotel which GIS shows as having a land value of <br /> $1,984,700 for 5 acres or$396,800 per acre. Please note that the land would be <br /> valued at$3,482,012 but was adjusted to its current value by application of an E43 <br /> market adjustment to adjust the overall market value of all components equally in <br /> the CAMA system. <br /> • The appellant additionally mentions that they have old foundations in the ground but <br /> provide no evidence on the cost of removal. <br /> • The parcels they are appealing(9799461693, 9799462939)has a massive ongoing <br /> entitlement of three sites(the third is a hotel site that is already developed), each of <br /> which is under appeal and in combination will support: <br /> • Proposed Floor Area: 397,523 total sq. ft. (312,037 square feet of residential)in 5- <br /> story buildings with a wrapped parking deck. <br /> • Proposed Dwelling Units: 283. The parcels they are appealing(9799461693, <br /> 9799462939)a massive ongoing entitlement of three sites (the third is a hotel site that <br /> is already developed), each of which is under appeal and in combination will support: <br /> A copy of the development plan is included. Please note that both parcels have 5 story <br /> buildings on them. <br /> • Overall parcel 9799461693 is assessed at$5,443,200 or$33/square foot,which is at <br /> the lower end of the range of nearby comparable sales. The assessment is supported <br /> by sales. Parcel 9799462939 received a 40% downward adjustment for utility and is <br /> assessed at$20/square foot. Based on the plans for the property it is certainly usable, <br /> but justifies the lower assessment per Square foot. <br /> • As a result of the County's analysis,no change in vale for either PIN 9799461693 or <br /> 9799462939 is supported. <br /> • GIS Map of Subject <br /> • Current Property Record Card <br /> • Land Sales Value Sheet <br /> • Development Plans <br /> Motion of the Board Accept Coun 's Proposed Value: $5,443,200 No change in value <br /> Made the motion Richal Vanhook <br /> Seconded the motion Shannon Julian <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br />