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Docusign Envelope ID: D708FC70-AF18-4B68-9AB6-2D010EOD1629 <br /> I <br /> Evidence submitted by the county representative: <br /> • The subject is currently improved with a 13,140 square foot bank and office building that was <br /> constructed in 1962. The current use of the property no longer represents the property's highest <br /> and best use. This is a prime downtown parcel with a significant recent approval for the Link <br /> Apartments Downtown comprising 150 apartments and ground floor retail in 7 stories. The <br /> agent's appeal approaches the valuation based on its current interim use and in comparison with <br /> other bank properties as equity comparables. This is inappropriate as Chapel Hill is a high <br /> barrier to entry market and prime location entitled land has substantial value as evidenced by <br /> the May 2021 sale of the subject property for$4,800,000. The attached comparable land sales <br /> sheet supports the current assessed value. For this reason,no change in value is recommended. <br /> • GIS Map of Subject <br /> • Current Property Record Card(6 pages) <br /> • Comparable Land Sales <br /> Motion of the Board Accept Coun 's Proposed Value: $5,018,800 No change in value <br /> Made the motion Shannon Julian <br /> Seconded the motion Richal Vanhook <br /> Voted For Leon Meyers <br /> Voted Against ... <br /> Property Identification: <br /> Property Owner Franklin Office Chapel Appellant(if different) Morgan Fowler/Ryan <br /> Hill LLC LLC <br /> Property Address 1 137 East Franklin Street Parcel ID or Abstract 9788377517 <br /> Statement of Appeal: Request reduction in value based on a market proforma. <br /> Current Assessed Value $28,738,300 County Opinion $28,738,300 <br /> Time of Hearin 10:00 AM Appellant Opinion $10,000,000 <br /> County Representative Roger Gunn Board Decision $28,738,300 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a reduction in value based on a market proforma. <br /> Evidence submitted by the county representative: <br /> • The subject is currently improved with a 121,278 square foot office and retail building that was <br /> constructed in 1972 and underwent total renovation in 2023. The property is currently assessed <br /> at$28,738,300 or$236.96 per square foot. Based on the attached detailed Commercial <br /> Appraiser Consultant's Analysis,the income approach supports the current valuation and no <br /> change in value for the subject property is recommended. <br /> • Location Map of Subject <br /> • Current Property Record Card(18 pages) <br /> • Income Approach <br /> 10 <br />