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08/08/2024
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08/08/2024
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8/8/2024 10:13:53 AM
Creation date
8/2/2024 9:44:05 AM
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Meetings
Meeting Type
Value Adjustment Board
Document Type
Agenda Packet
Meeting Date
08/08/2024
Meeting Body
Solid Waste Disposal Board
Subject
2024 Value Adjustment Board Organizational Meeting
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provide range of $149 to $529: per square foot with an: average. of $370. Petitioner :has <br />concluded at an initial value of $425 per square foot: indicating: a'value .of $2,120,000. The <br />evidence package includes the Costar information,: as well as other documents.:for each of <br />the 12 comparable sales. <br />:PET discusses that this type of property: typically: has the landlord . finance, the Tenant <br />Improvements. She indicates that Landlord puts: $30 to $35 per .SgFt in their: pocket: and <br />the rest is reimbursements. Tenants pay this back. <br />Rebuttal Testimony: <br />PA states the lease comps used by PET are: from the: Orlando market and the data used by <br />the PA was near the. subject in. the Gainesville market: N Call of. the. data is fast food type <br />restaurants. PA states the sales are not --compardble to the Archer. Road "area that :is the <br />busiest area of the county. <br />PET discussed her sales in the Orlando areabeing: primarily fast food. She. questioned the <br />$88 per SgFt land We used by PA, which she could notlocate and appears to be an outlier. <br />It's possible when the properties sold, the landlord that possibly did the Tenant <br />Improvements, so these improvements: are include These sales are Leased Fee :and not: Fee <br />imp e..: <br />Ms. McClain, the PA attorney rebutted that what the landlord has .possibly and probably <br />done is not relevant credible evidence: <br />I <br />Special Magistrate's Analysis and Finding of Eacts: ' <br />1 <br />:Based on a review of the .evidence a presumption of correctness has been :granted The PA <br />provided- support for the assessed value. The Presumption of Correctness has been <br />established as the PA provided by the. preponderance of the evidence that :the property d <br />appraiser's just value was arrived at by complying with section 193 011 of the Florida <br />statutes and professionally accepted: appraisal Practices: <br />The PropertyA raiser included a well-�su ortedmarket income axial sis The rental rate <br />PP <br />PP : y <br />was based on similar fast-food restaurants in similar markets. The vacancy, expenses and : <br />cap rate are supported by market data. A sales coimpanson Approach was 'included with <br />comparable sales analyzed_: by the PA: The sales support the.: assessed: value. A Cost <br />approach was also included and : based on comparable land. sales and a reasonable: <br />calculation of the replacementcost of the: improvements. <br />PET has included an abundance of data for market support. Magistrate observes that much <br />of the data provided is not directly comparable to.:the subject. The Archer Road area is a. <br />high: traffic and high: retail demand area. Many of. the sales and rent comps:used by PET <br />t <br />
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