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Docusign Envelope ID:41A5CO43-OEBB-4B4B-BB6A-9411707F7CAF <br /> expenses are accounted for, which is a much more typical expense when compared to the non- <br /> recoverable 10%expenses indicated by the appellant. <br /> • The Net Operating Income is capitalized at a rate of 5.5%. This rate is reasonable based on the <br /> age of the subject and its prime location and is selected relative to a broad set of retail sales in <br /> downtown Chapel Hill over the past 10 years. The result would indicate a value of <br /> $18,313,095 or approximately$398 per square foot based on the square footage listed in the <br /> County tax records. <br /> • As a result of this analysis, applying the County's Schedule of Values,the County recommends <br /> changing the grade of all buildings from A+40 to A and the E02 economic modifier on the <br /> property to E08 which would result in a revised value of$18,360,200. <br /> • GIS Map of Subject <br /> • Current Property Record Card(8 pages) <br /> • Proposed Property Record Card(8 pages) <br /> • Income Approach <br /> • Downtown Chapel Hill-Carrboro Capitalization Rates <br /> Motion of the Board Accept County's Proposed Value: $18,360,200 <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 /> Property Owner Chapel Hill Foundation Appellant(if different) Morgan Fowler/Ryan, <br /> RE Holdings Inc. LLC <br /> Property Address 1 123 W. Franklin Street Parcel ID or Abstract 9788268572.007 <br /> Statement of Appeal: Request reduction in value based on an income approach using a market profonna. <br /> Current Assessed Value $10,378,400 County Opinion $8,594,600 <br /> Time of Hearin 3:38 PM Appellant Opinion $8,110,000 <br /> County Representative Roger Gunn Board Decision $8,594,600 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on an income approach using a market <br /> proforma. <br /> Evidence submitted by the county representative: <br /> • The County's income approach analysis provides a value of$8,660,341 for the subject <br /> property. As a result, applying the County's Schedule of Values, the County recommends <br /> increasing the E36 economic market adjustment on the property to E47 which would result in a <br /> revised value of$8,594,600 for the subject property. <br /> • GIS Map of Subject <br /> • Current Property Record Card(14 pages) <br /> • Proposed Property Record Card 14 pages) <br /> 12 <br />