2026_02_11_BOER_Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID:41A5CO43-OEBB-4B4B-BB6A-9411707F7CAF including the 2021 sale of nearby Eastgate,which although earlier in time of sale is included to show the strength of location for a shopping center in this high barrier to entry market. • From the County's analysis,the appeal is unsupported and no change in value is recommended. • GIS Map of Subject • Current Property Record Card(2 pages) • Comparable Sales and Income Approach Motion of the Board No Change in Assessed Value $818,800 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against ... Property Identification: Property Owner DRMTA LLC Appellant(if different) Morgan Fowler/Ryan, LLC Property Address 1720 Fordham Boulevard Parcel ID or Abstract 9799366150 Statement of Appeal: Request reduction in value based on a collective market proforma with an allocated value of$17,440,239 for this parcel. Current Assessed Value $21,769,500 ounty Opinion $21,769,500 Time of Hearin 3:15 PM Appellant Opinion $17,440,239 County Representative Roger Gunn Board Decision $21,769,500 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a collective market proforma for PINS 9799362298 and 9799366150 with a requested combined valuation of$18,096,206 and an allocated value of$17,440,239 for this parcel. Evidence submitted by the county representative: • The subject is a 108,918 square feet shopping center built in 1984 and 1991 and has an assessed value of$21,769,500 or$199.87 per square foot. • The agent analyzes the value of this property collectively with the smaller 2,712 square feet strip shopping center on PIN 9799362298. The agent has presented an Income Approach with actual rents and has applied expenses that are unsupported. • Like the agent,the County has valued the two properties collectively relying primarily on the Income Approach. The County has used the actual rents and applied 5%vacancy, similar to the agent, and applied expenses that are market based. The capitalization rate,which differs significantly from the agent is supported by actual capitalization rates from local shopping center sales. The combined indication of value from the County's income approach is $22,151,838,which is slightly below the$22,588,300 combined assessed values of the two parcels. However, area shopping center sales indicate a higher valuation and brackets the County's combined valuation. Area shopping center sales are presented as additional support 10