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From YouTube: Board of Equalization Hearing - August 11, 2021
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A
A
B
Thank
you
so
this
we
had
a
hearing
on
this
last
year
and
the
board
did
not
make
a
change
last
year.
This
is
the
it's
known
as
the
lien
harrison
plaza.
It
has
three
tenants
and
it's
18.
B
729
square
feet,
I'm
looking
at
just
for
reference
page
34
right
now
of
245
of
the
boards
package.
B
There
was
an
error
on
page
36
calculation
error,
it's
picking
up
a
wrong
number,
but
our
corrected
contended
value
is
for,
and
this
is
what
we
contend,
that
the
value
should
be
is
nine
million
two
hundred
and
forty
one
dollars
five
hundred
and
eighty,
which
is
four
hundred
ninety
three
dollars
a
square
foot,
as
opposed
to
what's
indicated
on
on
that
page,
for
some
reason
that
the
cell
was
picking
up
a
wrong
reference
in
there.
B
Which
is
you
can
see
summarized
again
on
the
previous
page,
766
thousand
dollars,
I've
added
one
edition
of
of
a
market
vacancy
credit
loss
line,
item
of
five
percent
to
recognize
the
fact
that
indeed,
retail
properties
were
significantly
impacted
as
a
total
during
this
past
year
for
covid
this
particular
property,
while
it
it
is
at
100
percent
occupancy,
nearly
all
retail
properties
had
some
sort
of
rent,
renegotiations,
rent
deferral,
rent
forgiveness
to
offset
the
fact
that
that
most
most
retail
properties
were
impacted
by
the
you
know,
the
closure
of
stores
due
to
coveted
restrictions
and
so
on
on
page,
so
that
our
income
approach
shows
the
value
of
nine
million
to
41
we're
using
a
base
capitalization
rate
of
7
percent,
plus
the
effective
tax
rate
we've
added
in
the
reimbursement
of
cam
and
real
estate
tax
that
that
the
landlord
receives
they
also
do
receive
additional
miscellaneous
income
of
ten
thousand
dollars.
B
That's
they're
able
to
lease
some
parking
lot
space
during
the
year.
B
With
again
what
you're,
seeing
on
that
income
approach
on
page
36,
there's
a
cell
error
at
the
very
bottom
you'll
see
noi
552
920,
that
is
taking
the
operating
expenses
and
deducting
them
from
the
total
rent
collections
before
you
add
in
the
cam
reimbursement.
So
after
you
add
in
the
cam
reimbursement
and
the
other
miscellaneous
income,
the
noi
goes
from
552
actually
up
to
around
752..
B
B
I've
included,
in
this
analysis,
the
costar
report
for
this
whole
market,
not
only
for
the
leasing
trends,
but
also
the
sales
sales
trends.
B
It
shows
price
per
square
foot
on
the
low
side
of
sales
of
only
twenty
dollars,
a
square
foot,
so
that's
obviously
not
useful,
but
the
average
of
all
sales
that
occurred
in
the
the
year
preceding
the
the
assessment
date
was
337
dollars
a
square
foot.
The
median
was
296
dollars,
we're
contending
500
a
square
foot.
The
property
is
currently
assessed
at
568
dollars,
a
square
foot
just
for
reference,
the
page
after
that
you
could
see.
B
You
can
see
a
myriad
of
different
sales
that
occurred
during
2020.
There
was
actually
one
that
did
occur
at
the
beginning
of
january
of
this
year,
but
all
the
other
sales
are
all
from
2020
and
this
is
coming
right
from
co-stars
report
themselves.
So
you
can
see
fair
oaks,
mall
the
macy's,
those
sold
at
519
dollars
a
square
foot
again
we're
assessed
at
560
dollars
a
square
foot.
B
Cap
rate
information,
seven
percent
is,
is
pretty
it's
actually
on
the
low
side
for
retail,
particularly
right
now,
I
would
say
normally
that
that
may
be
a
decent
cap
rate
7,
but
with
covid
impact
and
and
what
it's
done
to
investors,
particularly
as
of
january
1st,
and
who
knows
maybe
we'll
end
up
back
there
again
because
of
this
other
delta
thing.
But
who
knows
but
at
least
back
then
you
know
eight
months
ago.
The
seven
percent
is
it,
I
believe,
a
good
cap
rate
to
be
using
again.
B
C
Okay,
first
of
all,
to
begin
with,
I,
on
the
summary
page,
referring
to
the
summary
page,
I
included
two
columns
for
the
appellant
and,
yes,
we
did
have
a
discussion
about
the
error.
We
recognized
the
error,
but
I
had
to
display
it
the
way
it
was
shown
in
his
packet
and
we
did
come
to
an
agreement.
There
was
an
error.
We
understand
it
and
agree
that
his
value
that
he
came
up
with
was
9.2
million.
C
Our
noi,
when
you
compare
the
noi
with
2017-18-19
and
2020,
which
is
your
coved
year,
we're
still
under
the
noi
is
still
less
than
what
the
year
2020
is
displaying.
C
As
for
our
cap
rate,
we
didn't
have
adequate
sales
this
year
to
change,
but
what
we
did
refer
to
was
pwc
and
rerc,
and
we
noticed
that
there
was
a
change
of
30
basis
points
when
we
reviews
those
two
reviewed,
those
two
publications
and
therefore
our
cap
rate
increased
from
seven
percent
up
to
seven
point.
Three
percent.
C
Other
than
that,
that's
all
that
I
have
and
I
open
it
up
for
questions.
D
I
have
two
short
questions
for
the
appellant.
The
first
one
is:
there's
nothing
in
column,
a
your
your
input
from
2020
concerning
rent
rebates,
referrals
forgiveness.
Were
there
any
at
all
from
your
three
tenants.
B
There
were
none
noted
on
the
actual
p,
l,
okay,
so
it's
considered.
B
So,
as
opposed
to
deducting
the
property
taxes
as
an
operating
expense,
you
take
the
effective
tax
rate
and
add
it
to
the
base.
Capitalization
rate,
I
would
say
that's
one
of
the
primary
differences
between
our
analysis
and
the
counties
is
their
overall
cap
rate
is
7.3
percent,
which,
if
you
unload
that
that
would
suggest
a
base
capitalization
rate
of
6.15,
which
I
believe
that's
too
low
for
retail
property.
E
This
is
also
for
the
applicant
on
page
34.
It
has
the
site
plan,
property
information
and
I
notice
that
all
the
leases
in
january
31
of
22.
B
I
can't
say
specifically
why
they
end
on
that
tape,
but
I
know
they're
no
indication
of
redevelopment
has
been
suggested.
This
has
been
a
good
property
for
them
because
it's
been
fully
occupied.
I
think
it
may
be
coincidental
that
in
its
national
tenants,
when
they're
looking
to
come
into
a
a
center,
they
want
to
know
when
the
other
tenants
are
going
to
be
when
their
leases
are
up,
because
they
don't
want
to
be
the
last
the
last
man
standing
per
se
or
the
last
woman
standing
so
yeah.
B
B
I
I
can't
say
that
I
I
know
that
to
be
a
fact,
but
that
wouldn't
surprise
me
based
on
the
size.
They
certainly
made
it
a
much
smaller
cvs,
but
most
cvs
is
around
twenty
thousand
square
feet
and
that's
true,
for
you
know,
discount
drug
mart
or
whatever
the
different
drug
chain
is
walgreens.
You
name
it.
That's
about.
The
typical
size
is
anywhere
from
15
to
25
000
square
feet
yeah.
This
is
a
smaller
cvs.
F
Yeah,
I
guess
I'll,
ask
the
county
and
then,
if
you
don't
have
a
good
answer,
maybe
I'll
go
to
the
appellant,
but
going
on
that
point
of
there's
one
year
left
on
the
lease.
What
are
these
rents
that
are
shown
here?
Are
these
are
these
below
market?
Are
they
right
on
the
market?
F
We
can
safely
assume,
there's
probably
going
to
be
a
new
lease
negotiated
or
some
other
deal
happening
here.
So
I
want
to
make.
I
want
to
make
sure
that
you
know,
with
one
year
left
of
term
we're
not
penalized
in
this
group
for
having
above
market
rents
right
now,.
C
When
I
look
at
other
other
competing
tenants
in
the
area
and
I'm
not
referring
to
crystal
city
or
anywhere
else,
I'm
talking
about
in
this
area,
we
believe
the
rents
are
relatively
in
line.
Okay,.
F
And
then
I
had
another
question:
that's
all
right
for
the
appellant.
B
If
you're
talking
about
a
a
net
lease
situation
where
it's
a
freestanding
cvs,
it
would
typically
be
on
a
corner,
a
major
corner.
The
cap
rate
would
be
lower,
but
that
would
be
a
different
type
of
property,
wouldn't
be
a
multi-tenant
building,
but
it
would
probably
be
in
the
six
to
six
and
a
half
percent
range
is
the
base
cap
rate
okay.
But
if,
if
you
look
on
page.
B
B
This
is
this
is
right
out
of
costar.
It
shows
where
the
what
the
market
rent
per
square
foot
is
for
different
types
of
retail,
in
in
greater
washington
dc
and
as
of
1-1
2021
for
strip
centers
they're,
showing
that
to
be
somewhere
around
25
dollars,
a
square
foot
up
to
a
high
for
what
they
call
other,
which
I
would
assume
would
be
something
like
a
a
car
dealer
or
or
some
other
type
of
retail
property.
But
malls
are
different
types
of
outdoor
malls.
B
B
B
I
C
Thank
you
so,
once
again,
first
of
all,
the
the
rents
for
this
particular
property,
we
believe
they're
in
line
with
other
similar
properties
in
the
area,
keep
in
mind.
C
You
have
the
large
shopping
center,
that's
across
the
street
and
off
of
lee
highway,
and
even
as
you
get
a
little
bit
closer
into
interstate
66
as
you
get
down
the
line,
these
rents
are
still
in
line
they're,
not
high,
and
now,
when
you
go
back
and
look
at
to
our
original
assessment,
once
again,
look
at
our
noi
that
we
have
and
then
compare
it.
You
can
compare
it
to
the
year
2017-18
but,
more
importantly,
compare
it
to
the
year
2020,
which
is
your
coverage
year.
C
Our
noi
is
still
substantially
less
than
what
is
being
reported
for
2020..
These
tenants,
yes,
they're
national
tenants
they
paid
their
rent.
There
are
some
property
owners
where
they
had
trouble
with
retail
and
restaurants
paying
rent,
and
there
were
some
deferrals
and
abatements
going
on
around
in
this
area.
However,
these
tenants
paid
their
rent,
so
we
feel
that
the
january
1
2000
2021
assessment
is
fair
and
equitable,
and
that's
all
I
have
thank
you.
B
Thank
you
again
for
our
income
approach,
we're
using
the
actual
rents
we're
using
the
actual
expenses.
We've
added
an
additional
element
to
recognize
the
impact
on
retail
and,
in
particular,
for
this
covered
year
of
of
an
additional
five
percent
of
vacancy
and
collection
loss,
which
is
probably
understating
that
the
total
impact
on
retail.
But
whether
or
not
this
property
was
specifically
impacted
or
not.
B
What
again,
I
would
point
out,
not
only
the
page
we
looked
at,
but
a
page
123
of
our
analysis,
which
is
just
a
summary
of
this
property.
According
to
co-star.
It
shows
that
the
the
market
rent
per
square
foot
for
the
overall
area
is
30
dollars.
A
square
foot
with
some
markets
at
35
and
their
estimated
rent
for
this
property
is
31
to
38
dollars
a
square
foot
and
we
used
50,
roughly
50
a
square
foot
in
our
income
approaches.
So
we're
not
we're.
B
Not
I'm
not
pushing
that
issue
beyond
to
point
out
that
the
rents
that
are
being
included
in
the
income
approach
are
are
well
above
market
and
all
out.
B
E
Thank
you,
madam
chairman.
I
mean
you
know
if
neighborhood
retail,
I
don't
think
it's
any
better
than
this
you're
at
harrison
and
lee
highway.
It's
a
cluster
of
retail.
I've
been
going
to
this
center
as
long
as
I
can
drive.
As
long
as
I
can
remember.
E
That's
that's
what
I
guess
I
mean
I
could
be
wrong,
but
I
don't
make
any
sense
not
to
extend
leases
with
these
three
particular
tenants
and
you
know
it's
fully
leased
and
while
there
is
an
impact
by
covet,
it's
been
an
impact
on
mom
and
pop
shops,
and
it's
like
this,
I'm
I'm
one
of
the
more
sympathetic
members
to
the
challenges
that
developers
face
and
and
commercial
property
owners
face,
but
I
don't
see
anything
here
wrong
and
I
think
the
county's
assessment
is
fair
and
accurate.
F
I
was
leaning
towards
that
but
kind
of
mentality.
I
know
this
is
a
strong
property
with
very
strong
tenants
now.
The
issue
that
I
see
is
the
the
remaining
term
being
so
short
that
you
know,
there's
there's
basically
some
expense.
That's
coming
up
now
that
final
value
after
that,
if
it's
you
know
a
conversion
to
some
pad
site
or
something
else,
you
know
we'll
see
that
in
cases
years
down
the
road,
but
my.
F
To
was
to
account
for
the
leasing
commissions
that
would
come
up
to
renew
these
three
tenants
and-
and
that's
why
I
was
asking:
is
it
market
rent?
Is
it
below
market?
Is
it
above?
So
I
mean
you
could
pretty
safely
assume
that
if
they
renewed
these
three
tenants
at
the
same
rate,
your
value
is
going
to
be
the
same,
minus
the
cost
of
the
leasing
commission
and
at
three
percent
at
what
they're
paying
right
now
on
on
a
10-year
deal,
that's
about
230
000,
so
that
was
the
reduction.
D
I
was
so
eager
to
talk.
I
wasn't
going
to
say
things
was
very
fried
about
these
allegiance
to
co-star
co-star,
and
we
can
do
this
offline,
not
a
dependable
gauge.
It's
the
only
one
we
have,
but
it's
not
dependable
and
I
expound
on
that
for
hours
given
a
chance.
Instead,
I'm
going
to
respond
just
to
what
greg
said.
First,
we
don't
know
that
there
are
any
leasing
costs.
Many
many
landlords
do
not
pay
these
lease
up
for
renewals
and
we
don't
know.
D
Second,
it's
not
going
to
happen
in
2021
and
certainly
not
going
to
happen
on
january
1st
2021
when
we're
reviewing
this
case
today.
In
this
essence-
and
second,
it's
not
going
to
be
on
january
21st,
probably
2022
either,
but
if
there
are
some
extraordinary
costs,
we
could
certainly
do.
J
I
get,
I
agree
with
the
county
and
it
is
a
good
property.
I
don't
I
don't
personally
go
there.
I
go
there.
Often.
I
have
not
seen
business
slow
down
one
bit
during
covet
at
this
location
at
any
other
stores.
They're,
not
high
activity
but
and
those
stores
have
no
indication
of
leaving
and
by
the
way
barnes
it
used
to
be
a
blockbuster.
F
G
F
E
And
it's
it's
common
amongst
the
small
shopping
centers
that
you
know,
clients
that
I
represent,
that
they
have
a
common
kill
date
of
leases
so
that
they
can,
you
know,
move
the
property
on
to
us
its
next
life.
That
may
not
be
the
case
here,
but
my
guess
is
that
you
know
five
years
ago.
They
did
that
on
purpose.
I
B
Thank
you.
This
is
the
nordstrom
I've,
I'm
sure
most
of
you
have
been
to
this
property
or
at
least
to
that
mall.
I've
been
there
purchased
stuff
there.
The
current
value
is
at
21
million
334
200,
which
is
94
bucks,
a
square
foot
we're
contending
a
value
of
12
million
660.
B
This
will
give
you
an
idea
what
the
property,
what
it's
doing
and
where
it's
heading
in
2017
their
total
gross
sales
at
this
property,
were
59
million
500
000
in
2018.
This
is
before
any
covet
stuff
occurred.
B
It
dropped
to
55
million
761
dollars
a
square
foot
in
2019,
which
was
a
6.3
percent
drop
in
2019
gross
sales
dropped
from
55.7
down
to
48.3,
which
was
a
13.4
drop
and
in
2020
year-end.
This
is
with
the
covet
impact,
which
was
obviously
pretty
dramatic
for
for
properties
like
this,
where
everybody's
buying
stuff.
This
again,
this
is
goes
outside
of
covet.
People
have
changed
how
they
buy
goods.
B
I
know
I
have
I
I
used
to
love
going
to
the
mall
to
buy
all
my
holiday
gifts
in
one
fall
swoop
on
you
know,
towards
the
end
of
december,
and
now
I'm
I'm
buying
this
stuff
through
amazon
and
whatever
other
websites.
So
not
only
was
this
property
impacted
before
covet,
it
was
dramatically
impacted
by
cobit
and
in
2020
their
their
total
gross
sales
dropped
from
48.3
down
to
21.3
million
dollars.
A
56
percent
drop
in
gross
sales.
B
B
Because
again,
these
are
dying
dying.
Birds
is
what
we're
seeing
real
quick
of
my
my
history.
As
far
as
what
I
what
I
started
off
doing
after
I
got
out
of
college,
I
worked
for
a
property
tax,
consulting
firm.
That
was
the
firm
for
montgomery
ward
and,
if
you
remember
who
montgomery
ward
was
they
were,
they
were
actually
the
oldest
department
store
chain
in
the
world.
B
They
were
older
than
sears,
but
they
were
like
a
sears
and
they
got
they
got
caught
in
between
we'll
say,
walmart
and
target,
and
sears
and
jcpenney,
and
their
margins
were
too
were
too
too
tight
for
them
to
survive
and
they
ended
up
going
bankrupt.
But
that's
happening
again.
It's
happening
with
these
types
of
properties
and
at
some
point
we
are
not
going
to
have
reached
super
regional
malls
that
they're
going
away
and
they
have
been
going
away.
B
What
they
are
doing
is
they're
they're,
they're
opening
and
they've
opened
hundreds
of
their
nordstrom
rack
outlet
stores
that
you
see
in
these
outdoor
malls
and
the
outlet
stores
that
those
that's
where
they're.
That's,
where
they're
expanding
and
they're
they're
closing
down
properties
like
this
and
for
good
reason.
Actually,
as
you
can
see
on
page
32,
they've
seen
their
sales
again
prior
to
kova
dropped
from
59.5
million
down
to
48.3
and
then
that
got
slashed
by
56
percent
during
covid.
B
B
The
dulles
town
center
nordstrom
property
did
sell
and
it
sold
ultimately
back
to
the
developer
and
they're
redeveloping
that
part
of
that
mall
or
at
least
attempting
to
sold
for
fifty
dollars
a
square
foot
which
is
the
basis
for
our
sales
comparison
approach.
We
came
in
at
fifty
dollars
now
our
our
direct
cap
we
used,
which
is
on
page
31,.
B
The
total
gross
leasable
area
of
this
property
is
225
000
square
feet,
which
is
an
enormous
store
which,
prior
to
you,
know
the
demise
of
of
super
regional
malls
and
department
stores.
You
would
expect
that
from
a
nordstrom
property,
they're,
big
properties-
they
have
you
name
it
they
have.
They
they've
got
it
all
that
you
would
expect.
On
an
upper
end,
retailer
department
department
store
retailer
using
fifteen
dollars,
a
square
foot.
We
come
to
our
base
rental
income
of
three
million
three.
Eighty
eight.
B
We
used
an
addition
of
five
percent
for
cam
miscellaneous
income
to
come
to
their
total
gross
income
potential
of
three
million
five,
fifty
seven
vacancy
and
credit
loss
at
40
percent,
effective
gross
income,
2
million
134
operating
expenses,
excluding
real
estate
tax
and
making
a
deduction
for
capital
reserves
of
five
percent.
We
come
to
a
noi
of
a
million
422
987.
We
use
a
base
capitalization
rate
of
nine
percent.
B
We
load
that
with
effective
tax
rate
overall
capitalization
rate
of
10.15,
which
is
probably
low,
that
is
probably
a
low
cap
rate,
even
though
this
is
still
a
functioning
mall,
and
this
is
obviously
a
very
good
market.
B
This
property
type
is
going
away
and
again,
the
one
of
the
last
properties
they
closed
prior
to
covid
was
the
property
up
in
dulles
town
center
and
they
sold
that
property,
which
was
similar.
It
was
a
smaller
property,
but
they
sold
that
for
fifty
dollars.
A
square
foot,
our
value
by
income
approach
is
fourteen
million
fourteen
million
nineteen
thousand
six
hundred
dollars,
which
is
sixty
62
bucks,
a
square
foot
looking
at
that
value
in
conjunction
with
the
sale.
B
C
Okay,
this
nordstrom
is
located
by
fashion
or
located
in
the
fashion
center
mall,
one
of
your
premier
malls
in
the
area
and
and
obvious.
So
when
we
took
a
look
at
our
cap
rates,
okay
for
this
particular
property
last
year,
the
cap
rate
for
this
particular
property
was
at
eight
and
a
half
percent.
C
C
Excuse
me
and,
as
you
noticed
on
the
summary
page
of
the
packet
page,
four,
this
particular
owner
does
not
submit
income
expense
statements.
So
we
go
okay.
So
what
do
we
do?
How
do
we
find
rents?
Well,
we
looked
in
the
area.
Actually
I
did
analysis
on
costar
and
I
looked
at
regional
malls
in
the
area.
I
looked
at
super
regional
malls
power,
centers
life,
lifestyle
center.
C
I
looked
up
all
of
those
and
the
range
of
rents
being
used
are,
let's
see
the
lowest
one
is
at
28
dollars
a
square
foot
and
the
highest
comes
in
at
40
dollars
a
square
foot.
Obviously
the
rent
that
we're
using
is
less
than
that.
So
then
that
was
the
entire
region.
So
I
go
okay!
Well,
let's
narrow
that
down
a
little.
C
C
Otherwise,
we're
getting
off
into
mclean
falls
church.
Those
are
getting
further
out
we're
in
a
prime
location
here
in
arlington,
and
I
believe
that
the
rents
that
we're
using
are
well
supported,
based
on
research
through
costar
and
the
lack
of
incoming
expense
statements
and
as
again,
I
said
that
we
used
pwc
and
rerc
for
our
cap
rate
and
we
did
increase
it
50
basis
points
primarily
because
of
the
covet
and
other
than
that.
I
I
open
it
up
for
questions
thanks.
A
Okay,
thank
you.
Both
questions
from
board
members,
mr
hoffman.
F
Yeah
for
the
appellate-
I
think
we've
looked
at
this
case
before,
but
could
you
just
real
quickly
kind
of
summarize
what
the
interest
in
the
nordstrom
properties?
I
know
this
is
a
multi-uh.
F
B
I
can't
answer
any
of
those
questions
specifically.
What
I
can
tell
you
is
we're
looking
at
the
market
value
as
if
it's
fee,
simple
loan
and
based
on
sales,
based
on
the
fact
that
this
property
has
seen
a
dramatic
impact
to
its
business
operations
that
is
directly
aligned
with
its
property
type
would
suggest.
The
value
must
be
reduced,
not
should
be,
must
be
reduced.
B
There
has
to
be
some
correlation
to
how
a
property
is
operating
to
what
its
assessment
is.
Even
I
understand
we're
just
here
to
talk
about
this
year,
but
looking
at
where
it
was
at
in
2018
and
where
it's
come,
and
what
it's
been
impacted
by
to
suggest
that
the
the
value
that's
being
reported
by
the
county
is
representative
of
what
has
impacted.
This
property
is
just
that's.
It's
fantasy
land,
okay,.
A
D
C
So
the
rents.
C
Basically,
we've
just
it's
historical
rent
and
when
we're
looking
at
other
retail
rents
across
the
county,
generally
speaking,
they
increase
about
three
percent
each
year,
okay
and
so
normally
speaking,
because
they
do
not
provide
an
income
and
expense
statement.
Then
we
would
probably
increase
this
by
the
rent
by
about
three
percent
roughly
and
because
we
use
a
stabilized
vacancy
for
everyone,
we're
you
know
to
equalize.
We
apply
the
four
percent,
which
is
typical.
Let's
see.
C
The
four
percent
comes.
C
Your
retail
strip
on
general
commercial
guidelines-
okay,
that's
where
the
four
percent
is
coming
from,
and
then
the
expenses
I
believe
we
were
using
a
combination.
We
were
looking
at
other
properties
that
are
nearby.
You
have
the
costco.
That's
over.
There
you've
got
the
you
know
that
shopping
center
over
there.
D
C
C
Believe,
well,
I
I
don't
want
to
disclose
what
the
ground
lease
is,
because
these
recordings
can
show
up
on
the
internet,
but
the
ground
lease
is
exorbitantly
low.
B
So
the
capital
reserve
percentage
that
we
estimated
was
five
percent
of
gross
revenue
in
our
income
approach.
That's
typically
used
for
you
know
modernizing
stores.
Ultimately
I
don't
it
that,
indeed,
could
be
high,
because
I
don't
see
any
significant
long-term
capital
being
invested
in
a
department
store
property.
Again
they
have
not
built
a
new
nordstrom
property
in
over
a
decade.
All
of
their
development
is
moving
towards
small
outlet
stores,
because
these
properties
are
dying,
and
this
one
is
a
great
example.
C
All
right,
thank
you,
man,
so
this
particular
property.
I've.
I've
recalled
in
the
past
that
this
is
one
of
their
flagship
properties.
Nordstrom's
is
not
going
to
get
rid
of
one
of
their
flagship
properties.
Yes,
they
are
downsizing,
some
of
their
properties
that
are
maybe
centered
in
malls
and
they're,
going
with
their
nordstrom
racks
things
like
that.
C
This
is
their
flagship
property
and
they
keep
this
property,
because
this
is
where
they
they
bring
out
that
product
initially
for
the
first
time
and
then
those
nordstrom
racks,
that's
where
they're
getting
a
lot
of
their
product
from
these
flagship
properties.
They
follow
down
the
line
and
people
like
to
go.
Oh,
I
can
get
it
for
a
discount
if
I
go
and
buy
it
at
the
rack
versus
at
the
flagship
store,
but
they
still
keep
these
stores
these
big
flagship
stores,
because
this
is
how
they're
showing
off
their
product.
C
As
for
the
cap
rate,
we
did
account
for
covid
by
increasing
it
by
50
basis
points
and
I'm
still
con
saying
that
our
rent
is
well
below
what
the
rent
we're
using
is
well
below
what
the
market
is
showing
in
costar.
Thank
you
very
much.
B
Thank
you
just
a
real,
quick,
summary
2018.
The
assessment
on
this
property
was
21
million
337..
B
gross
sales
at
this
property
was
were
65
percent,
higher
more
substantially
higher
in
2018
than
it
than
they
were
this
past
year.
The
value
has
definitely
been
impacted.
There's
no
doubt
about
that
in
in
the
county
has
not
recognized
that
again
they
do
close
these
properties
and
they
have
been
closing
nordstrom
properties
and
they
may
not
have
a
choice
actually.
So
I
just
asked
the
board
to
take
that
into
consideration.
A
All
right,
thank
you
all
right,
it's
just
among
the
board
members.
I
I
just
want
to
start
on
this.
We've
seen
this
case
for
many
many
years
it
comes
in,
and
I
would
possibly
give
some
merit
to
mr
wilson's
argument.
If,
in
fact
the
appellant
would
provide
information,
they
don't
provide
ines.
A
This
is
a
problem
we've
asked
for
them
before
they
continue
every
year,
not
to
provide
them.
So
the
burden
of
proof
is
on
the
appellant,
and
so
I
don't
feel
that,
based
on
the
fact
that
okay,
we've
got
a
pro
forma
for
2021,
that
that
justifies,
do
using
a
different
methodology
and
take
it
out
of
equalization
with
everybody
else
and
the
rents
may
be
high,
but
if
the
appellant
would
have
provided
information
over
the
previous
years,
we'd
have
something
to
go
on.
A
D
Two
very
quick
points,
one
I
I
am
sensitive
to
what
the
appellant
said
about
the
sales
being
so
much
higher
in
the
recent
past,
certainly
pre-cove
it.
But
that
leads
me
to
my
second
point.
Everything
mary
dooley
said:
I
support
100
you've
made
no
the
appellant
the
owner
has
made
no
case.
We
have
no
trend
to
look
at
and
find
out
why
this
year's
assessment
is
almost
identical
to
three
years
ago,
when
apparently-
and
we've
seen
no
data
to
support
this,
but
apparently
the
rent
said,
I'm
sorry,
the
income
has
dropped
significantly.
D
E
Okay,
thank
you
very
much.
Some
of
you
that
have
been
on
the
board
for
a
while
may
remember
that
before
I
joined
you
all,
I
presented
some
appeals
for
preston's
pharmacy
and
the
dilemma.
I
think
this
property
owner
may
have
was
the
same
one
that
preston's
had,
and
that
is
that
preston
owns
it
and
he
created
an
llc
to
buy
the
property,
and
then
he
leased
it
to
his
llc
that
ran
preston's
pharmacy
and
so
an
income
expense
approach
really
doesn't
make
any
sense
when
it's
owner
occupied
and
owner
used.
E
I
guess-
and
I
think
you're
going
to
see
what
macy's
just
announced
like
two
weeks
ago
and
I
think
what's
going
to
happen-
and
this
is
on
the
ground-
leads
to
k
friends,
but
at
some
point
something's
got
to
give,
and
so
my
guess
is
that
the
value
of
this
is
to
raise
and
rebuild,
and
I
know
you
all
say
we
don't
do
what's
speculative,
but
here
we
have
a
a
user
of
a
property
and
their
income
has
plummeted
so
greatly
that
you
just
can't
do
a
sensible
income
and
analysis.
E
So
what
I
did-
and
I
have
no
idea
that
this
could
be-
they
could
have
used
up
their
density.
I
don't
know
but
but
what
I
did
is
I
did
a
calculation
assuming
raise
and
rebuild,
and
I
ended
up
with
a
value
of
about
19
million
and
that
was
taking
the
2.5
zoning
figuring
you're,
going
to
end
up
with
residential
units
figuring
you're,
going
to
get
your
typical
bonus,
figuring
you're,
going
to
do
ground
floor
retail.
E
So
I'm
I'm
at
around
19
20
million,
which
you
know
as
you
all
would
say,
is
speculative,
but
it's
not
really
that
far
off
from
where
the
county
is.
I
mean
the
county's
at
21
and
I
would
venture
to
say
you
could
probably
sell
this
assuming
the
ground
lease
situation
got
resolved
for
20,
19,
20,
21,
maybe
even
higher,
and
so
I've
blabbed
on
for
a
long
time.
I
apologize
for
that,
but
I
don't
see
how
given
what
we've
been
given,
we
can
change
what
the
assessor's
done.
F
I
looked
at
it
the
same
way
and
I
came
up
with
a
little
higher
number
than
what
was
assessed.
So
I'm
more
of
an
optimist.
I
guess
but
yeah
I
mean
to
your
point:
the
zoning
is
there,
it's
not
a
rezoning,
that's
required
to
unlock
that
value,
so
I
think
it's
fair
to
look
at
the
property
from
that
lens
of
of
fair
market
value
being
based
on
a
different
use,
and
so
I'm,
okay
with
the
assessment
too.
D
A
A
I
will
move
to
confirm
the
county
at
21
million
three
thirty
four,
two
hundred
I'll
second,
okay,
emotion
is
second
by
ms
hogan.
All
in
favor
aye
aye
aye
opposed
okay,
it's
unanimous.
The
counties
confirmed
21
million
three
thirty
four,
two
hundred.
A
Thank
you.
Do
we
have
sean
bensterman.
A
Okay,
oh
there,
you
are.
Thank
you,
sir.
Okay.
The
third
and
final
case
today
is
economic
unit,
one
four
zero.
Three,
five
zero.
Two
g
is
in
george,
that
property
located
at
671
north
glebe
road.
Mr
vinstrom,
you
can
start
with
your
eight
minutes
and
tell
us
about
this
property.
G
Morning,
thank
you
for
those
of
you
who
don't
remember
me
from
last
time.
I'm
a
partner
at
a
boutique,
consulting
firm.
We
work
on
regional
malls
throughout
the
us.
Almost
20
percent
of
the
of
the
malls
in
the
us
were
fortunate
to
work
on.
If
you
could
turn
to
page
51
of
the
boe
memo.
This
is
the
introduction
page
shows
the
two
parcels
under
appeal:
it's
boston,
common
mall.
We
talked
about
this
last
year
about
360
000
square
feet
and
67
occupied
at
as
of
january.
G
1St
2021
page
54
of
the
boe
document,
describes
the
pwc
emerging
trends
in
real
estate.
I
know
this
is
a
national
report
and
oftentimes
assessors
like
to
look
at
pwc,
and
if
you
look
at
the
top
there,
you
can
see.
Fulfillment
and
warehouses
would
be
anticipated,
with
the
amazon
effect
of
being
very
strong
or
excellent,
and
down
at
the
bottom,
the
regional
malls,
a
classification
we
haven't
seen
before
going
towards
abysmal.
G
So
that's
the
investor
appetite
in
the
regional
model
market
on
a
national
basis
and
really
page
55
of
the
handout.
This
starts
with
the
subject:
property
itself
and
the
impacts
of
cobin
19.
We
all
know
january
1st,
2021
we're
in
the
middle
of
a
global
pandemic.
This
is
a
regional
shopping.
Mall,
that's
under
development.
Look
at
the
left
side
of
that
schedule.
On
page
55,
you
can
see
the
store
closures
and
the
revenue
impact
of
about
654,
000
related
to
covid
and
then
on
the
right
side.
G
This
has
been
a
topic
of
discussion
with
all
of
my
clients
and
I'm
having
this
with
assessors
across
the
us.
What's
the
accounts
receivable,
I
just
you
know
I
I
want
you
to
picture
yourself,
I'm
valuing
this
property
january
1st
2021,
I'm
I'm
trying
to
understand
the
income
potential
and
I'm
trying
to
understand
the
risk
right.
We've
got
2.6
million
dollars
in
ar
as
of
january,
1st
2021
and
I'll
show
you
later
the
total
noise
about
2.9
million.
G
So
the
bottom
of
this
page,
again
speaking
to
the
risk
profile
january
1st
2021,
the
cinema
has
not
been
rent
since
march
2020..
Your
second
largest
anchor
punch
bowl
social
filed
for
bankruptcy
on
december
21st,
2020.,
so
right
before
evaluation
date,
your
second
largest
tenants
files
for
bankruptcy
and
your
fitness
operator
has
been
granted
significant
rent
relief.
All
this
information
has
been
provided
to
the
supper's
office.
The
following
page
page
56
just
shows
the
the
growth
in
the
e-commerce
as
anticipated
through
the
covet
era,
just
adding
gasoline
onto
a
fire
that
was
already
there.
G
I
want
to
skip
through
the
pictures.
I
know
I
have
limited
time:
here's
the
actual
income.
Again,
it's
been
supplied
to
the
assessor's
office,
we're
very
transparent
and
you
can
see
the
income
has
gone
down,
but
I'd
like
you
to
notice
the
2029
actual
noi
of
2.956
million,
keep
in
mind.
This
is
on
an
accrual
basis.
There's
2.6
million
in
accounts
receivable
still
outstanding.
As
of
our
january
1st
2021
lean
date
so
again,
significant
risk
associated
with
this
asset
we're
in
the
midst
of
a
global
pandemic,
and
it's
a
regional,
mall,
page
71.
G
This
is
where
we
start
talking
about
rents,
and
we
know
you
know
laura
irvine,
and
I
had
a
lot
of
conversations
about
this.
It's
very
difficult,
but
what
we
did
here,
we
put
together
a
schedule
to
show
you
know
the
prior
starting
rents
for
these
tenants
and
then
the
renegotiated
rents
during
coven
now
granted.
These
are
temporary,
renegotiated
rents
for
a
periods
anywhere
from
12
to
18
months
and
generally,
all
of
them
are
based
on
anticipated
sales,
so
from
28
a
foot
to
seven
47
to
12
40
to
12..
G
Again,
these
are
the
rents
that
were
in
place
or
anticipated
as
of
january
1st
2021,
based
on
anticipated
sales,
so
every
everything
went
to
percent
in
lieu,
so
percentage
rate
in
lieu
of
actual
min
rent,
the
following
page
page
72.
This
demonstrates
the
same
exercise
on
the
food
court
tenants.
So
you
can
see
the
food
court
tenants.
G
You
know
going
from
152
to
17
122
to
728..
Again
this
is
the
renegotiated
events.
Every
single
one
of
these
renegotiations,
all
the
documentation
has
been
provided
to
the
assessor's
office
and
so
at
the
bottom
of
the
page.
G
At
this
point,
and
so
our
conclusion
of
market
rents,
17
for
the
theater
21
76
for
the
major
31.25
for
retail
and
52.25
for
food
court,
if
we
can
move
on
to
page
78
of
the
handout,
this
again
we'll
talk
about
risk
and
capitalization
rate.
So
I
know
we
introduced
this
last
year.
Green
street
advisors
provides
capitalization
rates
on
each
individual
mall
in
their
database
and
as
of
the
january
1st
2021
lean
date,
the
capitalization
rate
is
10.7
percent
and
that
takes
into
account
the
significant
risk
of
these
properties.
G
Two
two
pages
below
page
80.,
a
cushman
and
wakefield
mall
matrix.
They
published
this
on
a
quarterly
basis.
You
can
see
this
property
has
some
b
plus
characteristics,
some
b
and
actually
some
c
characteristics
again.
This
isn't
on
the
quality
of
construction.
G
G
I
just
want
to
demonstrate
that
that,
as
of
january
1st
2021,
it's
covered,
there's
significant
risk,
so
we
concluded
at
a
10.75
capitalization
rate,
and
if
you
move
to
page
82,
this
is
the
next
kind
of
piece
that
we
were
very
grateful
that
the
assessor's
office
this
year
did
take
into
account
a
cost
to
reach
stabilization,
and
we
thank
them
for
that.
However,
if
they
agree
that
the
cost
of
reach
stabilization
is
an
appropriate
methodology,
my
one
disagreement
is
the
the
duration
january
1st
2021.
G
Their
cost
of
reach
stabilization
was
a
one-year
period
which
I
don't
think
any
investor
valuing
this
property
would
could
possibly
think
in
one
year
in
a
covert
year.
This
mall
would
get
leased
up
and
clearly
it
hasn't.
Ours
is
a
three
year,
so
the
rental
loss
and
the
triple
net
recovery
allowance
varies
significantly
there.
Even
a
three
year
is
going
to
be
a
very
is
a
very,
very
conservative
estimate
to
re-tenant
this
proper
tenant
that
this
property,
with
retail
tenants
in
this
environment,
the
following
page
83.
G
G
Our
noise
is
different
primarily
because
of
the
of
the
income
of
the
rents,
and
then
our
capitalization
rates
the
risk
to
the
income
stream
again
on
a
regional
mall.
That
is,
you,
know,
30
plus
percent
vacant,
as
of
lean
date
in
a
covenant,
environment
is
very
significant,
so
our
conclusion
is
is
definitely
different
than
the
assessor's
office
at
47.5
million
versus
their
95
90.5
million,
and
I
ask
that
the
board
conclude
at
the
47.5
million.
Thank
you.
A
C
Okay,
so
as
mr
as
the
agent
noted
that
irving
myself
and
him
we've
had
several
conversations
about
this
particular
property
and
when
you
take
a
look
at
the
summary
page,
I
looked
at.
He
he's
referring
to
accounts
receivable,
which
is
basically
column
e1,
which
is
the
actuals,
and
mr
vinstrom
is
the
one
who
filled
out
the
income
and
expense
statement
for
this
particular
property.
C
But
it
doesn't
show
the
vacancy
the
rent
laws,
the
concessions,
and
so
that's
where
column
e2
comes
into
play
here
I
went
through
and
I
went
through
the
rent
roll
and
it
is
attached.
My
analysis
of
the
rental
is
attached
to
this
case,
and
so
we
determined
okay.
What
was
the
average
occupied
rent
all
right-
and
this
is
how
I
use
this
in
conjunction
to
the
financial
statement
that
he
submitted
and
I
reconstructed
their
their
ine
or
what
the
year
2020.
C
so
that
I
can
come
up
with
a
better
picture
for
vacancy
rent
loss
and
the
concessions.
They
also
gave
us
a
number
of
documents
that
I
was
not
able
to
include
here
because
they
were
confidential
and
it's
basically
the
rents
that
were
abated
deferred.
All
those
items-
and
I
went
through
and
came
up
with
what
I
would
call-
is
their
coveted
relief
or
their
concessions
for
the
year
2020,
and
so
when
I
revised
our
value
looking
at
column
f,
we
took
all
of
this
into
consideration.
C
So
I
looked
at
it
and
said:
okay,
so
what's
the
average
rent?
This
is
what
it
should
be
for
all
these
particular
properties
and
then
the
concessions-
and
I
came
up
with
the
discount
I
discounted,
the
rent
at
3.53
cents
for
all
of
them.
That
is
your
food
court,
your
major
retail
tenant,
your
theater,
the
other
retail
in-line
tenants.
So
I
discounted
all
of
them
three
dollars
and
53
cents
across
the
board
on
those
to
to
help
account
for
that
covid
concession.
C
As
for
below
the
line,
we
do
not
do
three
years.
Okay,
this
is
an
annual
assessment
and
the
reason
why
we
gave
the
below
the
line
adjustment
is
because
this
property
is
still
experiencing
lisa
from
it's.
It's
remodel,
okay
and
that's
how
we
came
up
with
the
13
million
for
a
below
the
line
adjustment,
and
if
you
want
to
see
the
breakdown
for
that,
that
is
included
in
the
packet
on
page
seven.
I
believe
it
is
other
than
that
I
am
open
for
questions.
Thank
you.
E
Thank
you
for
the
county,
this
property
when
it
got
rezoned,
they
totally
redid
the
mall,
and
they
also
did
a
residential
building
and
I
think
they
sold
that
residential
building.
I
think
it
was
forest
city
sold
the
residential
building.
What
impact,
if
any,
does
that
have
on
assessment.
C
Okay,
I'm
going
to
ask
irving
to
help
join
in
here.
Can
you
restate
that
question?
Are
you
talking
about
the
the
residential.
E
H
No,
when
the
site
plan
was
approved,
we
valued
the
apartment
on
their
own
parcels
and
retail
separately,
and
the
retail
was
valued
along
with
the
mall
this
property,
the
two
were
never
really
valued
together.
E
G
G
And
fashion
center,
so
if
you're
a
retailer
in
this
environment
and
you're,
actually
opening
shops,
there's
what
maybe
a
handful
of
them.
You're
gonna
you're
gonna
choose
a
center
with
sales
per
square
foot.
You
know
thousand
plus
you're
gonna
go
to
the
a
plus,
because
you
have
an
opportunity
right
throughout
throughout
the
the
jurisdiction
to
choose
whatever
you
want.
So
that's
that's
the
challenge.
Those
are
superior
centers
and
if
you're
again
a
retailer
one
of
the
few
that
are
expanding
in
this
environment,
you're,
gonna,
choose
and
you're.
G
It's
it's
macy's
anchored.
It
is
on
the
smaller
side
from
a
gli
standpoint,
but
for
all
it's
just
intense.
E
G
Yeah,
it
is
a
regional
mall,
it's
owned
by
a
regional
mall
owner.
The
regional
mall
teams
are
on
it.
The
regional
mall
tenants
that
they're
trying
to
incorporate
there's
it's
macy's
anchored.
It
is
changing
just
like
all
regional
malls,
they're
looking
towards
you
know,
more
bring
more
entertainment
uses.
Unfortunately,
coveted
has
put
a
huge
hamper
on
the
entertainment
uses
and
and
those
concepts
and
we've
seen
that
here
with
with
the
bankruptcy
of
one
of
the
largest
anchors,
but
I
think
yeah.
Eventually,
it
will
need
to
be
repurposed.
G
D
Thank
you,
a
question
for
the
department.
Maybe
too,
on
the
top
page
of
the
packet.
You
have
a
reduced
suggestion
of
59
million
and
a
half
or
so
yet
on
the
ied
company,
it's
at
90
million
plus
or
so.
C
Okay,
so
give
me
just
a
second
and
I
could
tell
you
what
happened.
C
Right
two
parts
right
it
did
not.
I
did
not
provide
you
a
total
like
if
you.
D
C
C
D
C
F
F
Yeah,
just
I
was
wondering
if,
if
the
department
could
refresh
our
memory
from
last
year,
it
was
at
110
million,
did,
were
we
looking
at
that
as
a
stabilized
property,
or
did
we
still
have
that
cost
to
reach
stabilization
in
the
in
the
assessment.
H
No,
so
2019
is
probably
valued
on
costs.
Due
to
the
recent
completion
of
the
construction,
we
saw
that
a
few
properties
were
leasing
up,
mainly
the
food
hall.
We
valued
is
probably
based
off
of
stabilization.
I
think
we
had
maybe
higher
vacancy.
H
D
D
D
We
have
bolstering
quarter
as
a
lower
cap
rate,
but
a
lesser
property.
C
Okay,
so
for
fashion
center
mall,
the
cap
rate
is
7.75.
C
D
H
C
H
C
Yeah,
so
we
also
for
the
anchor
for
macy's
the
anchor
for
this
property.
It's
ten
percent,
the
cap
rate.
C
Thank
you.
So
once
again,
I
went
to
great
lengths
to
reconstruct
the
rent
roll,
take,
a
look
at
the
rents
and
yes,
their
gross
potential,
and
I
looked
at,
I
also
reconstructed
the
vacancy,
the
rent
loss.
C
I
gave
that
discount
to
all
of
them,
and
on
top
of
that,
because
this
property
is
still
in
a
lease
up
mode,
we
applied
a
below-the-line
adjustment
of
13
million
and
we
believe
that
our
column
f,
the
revised
worksheet,
is
fair
and
equitable.
Thank
you.
A
Okay,
thank
you,
mr
vinstrom.
If
you
take
a
minute
to
wrap
up,
sir.
G
G
I
would
like
the
board
to
really
think
about
that
risk
and
if
you
would
invest
in
this
property
type
under
a
double-digit,
capitalization
rate.
Second,
the
rents,
a
three
dollar
adjustment-
I
just
we
just
don't
agree
that
that's
just
not
enough.
In
a
covet
environment
asking
the
head
leasing
guy
at
brookfield,
that's
trying
to
lease
this
property
day
in
and
day
out,
you
know.
What's
what's
the
market
rent
for
a
theater
is
like
there's,
there's
no
demand
as
of
january
1st
2021..
G
So
a
a
three
dollar
decline
is
is
just
not
enough
for
the
for
the
retail
there
there's
too
much
retail
there's
a
lot
of
vacancy
that
still
has
not
been
leased
up
since
the
shell
completion
and
the
lease
up
here
it
definitely
needs
to
be
longer.
I
know
it's
an
annual
assessment,
but
it's
also
a
free,
simple
assessment.
As
of
january,
1st
2021.
G
F
I'm
I'm
actually
thinking
going
back
and
looking
at
it
at
2019,
because
I
think
the
the
value
is
based
on
cost
and
if
I
use
the
appellant's
performance,
the
county's
cap
rate,
it
comes
in
a
little
bit
lower
than
cost,
and
I
think
the
county
took
a
look
at
it
and
had
it
at
84
million
812
back
in
19,
and
I
don't
think
anything's
really
improved
substantially
since
then.
So
I'd
be
I'd,
be
willing
to
reduce
it
back
to
the
19
level.
D
I
still
would
like
to
reduce
it
intuitively
and
I'd
like
to,
however,
pin
it
on
some
number
greg
seems
reasonable,
although
I
feel
uncomfortable
doing
a
cost
evaluation
on
a
three-year-old
building,
I've
been
feverishly
looking
at
column
f
and
see
what
number
I
might
want
to
recommend.
E
Yeah.
Thank
you,
madam
chairman.
E
What
we
just
heard
from
the
property
owner
when
this
when
this
was
being
rezoned?
I
was
part
of
a
group
that
was
involved
in
that
and
the
vision
that
the
ownership
was
sharing
with
us.
They
did
not
consider
it
a
regional
mall.
E
A
lot
of
it's
open
to
the
elements,
and-
and
so
I
would
disagree
with
the
with
the
applicant
about
some
of
his
presentation
based
on
that,
where
I
think
the
county
might
be
wrong
in
their
analysis.
Is
you
know,
given
that
macy's
is
going
to
go
away
pretty
soon,
they're,
looking
more
at
mom
and
pop
type
shops
than
they
are?
E
You
know
nationwide
retailers,
and
you
know
people
like
ted's
bulletin.
You
know
he's
a
local
guy
and
I
think
he
has
like
six
different
locations
now
and
it's
going
to
take
a
while
for
that
to
recover
and
this
place
was
leasing
up
very
fast
and
then
covet
hit
and
it
just
came
to
a
screeching
halt
and
actually
went
backwards.
E
Now,
it's
starting
to
come
around
quite
a
bit.
It's
become
very
busy,
and
so
I
think,
if
you
look
back
at
january
1,
I
I
think
greg
might
be
right,
there's
no
difference
really
between
where
it's
set
in
19
versus
where
it
set
january.
1
of
this
year,
I
I
was
mr
matson.
It
had
indicated.
He
didn't
quite
know
how
to
get
there
and
I
didn't
either.
E
I
I
wouldn't
I
mean
I
agree
with
ken.
I
don't
feel
comfortable,
making
a
change
going
back
to
the
coast
approach.
This
is
a
property
that
has
already
tenants
yeah.
It's
true
that
it's
not
at
the
level
that
they
wanted
to
be.
If
of
it,
wasn't
here,
but
you
know,
I
think
it's
going
to
take
time
to
keep
leasing
it
and
I
think
what
the
county
did
to
provide
a
below
the
line
adjustment
for
this
year.
You
know
again,
we
have
to
look
at
this
properties
year
after
year.
I
We
can't
really
assess
them
on
speculation,
so
yeah.
I
don't
really
think
that
it
would
be
appropriate
and
for
purposes
of
equalization,
also
to
go
back
to
the
coast
approach.
Just
to
you
know,
please
an
adjustment.
I
guess.
D
Mall
is
dedicated
to
restaurants,
yes,
which,
on
101
to
21
we're
not
doing
well
at
all,
and
a
big
space
is
the
theater
which
is
doing
even
worse.
D
I
I
I
can't
imagine,
and
now
the
the
department's
proposing
17.5
decrease
in
2020,
but
given
the
mix
which
we've
seen
in
other
large
properties,
but
given
the
mix
of
this
property
and
and
the
very
little
space
devoted
to
smaller
retailers
that
are
not
food
related
which
are
not
leasing
well
at
all.
Oh
I
I
I
I
I
usually
just
whatever
jose
says,
but
not
in
this
case,
something's
gotta
something's
gotta
get
I'm
gonna
to
need
some
money.
D
H
E
Here,
it's
fascinating,
you
got
the
movie
theater
and
that's
going
nowhere
anytime
soon
and
you've
got
mom
and
pops
versus
you
know
most
most
of
the
situations
where
we've,
given
it
less.
Where
we've
got
the
year,
you
have
much
less
space
to
fill
and
you're
you're
liable
to
land.
You
know
something
more
of
a
nationwide.
G
J
F
I
just
wanted
to
put
a
figure
to
barnes
suggestion,
which
is
it's
not
far
off
from
where
I
was
at
anyway.
So
if
you
took
that
the
county's
column
f
and
you
use
the
below
the
line,
deduction
from
the
appellant,
then
you're
at
85
508
and
I
was
at
84
812.,
so
pretty
close
together.
It's
slightly
higher.
F
A
F
Well,
I
mean
mary
just
to
kind
of
get
further
into
my
rationale
for
that.
My
original
approach
went
lower,
but
I
don't
see
it
going
below
cost
in
value,
and
so
I'm
using
that
kind
of
as
a
backstop
and
again
you
know
if,
if
brookfield
or
forest
city,
when
they're
looking
at
these
deals,
they
want
what
they
want
built.
They
want
the
value
to
exceed
the
cost,
and
usually
these
these
are
very
successful
companies
that
do
this
normally.
A
Okay,
so
I'm
just
trying
to
take
the
temperature
here
for
the
85
508.
D
I
just
think
it
should
be
lower
and
I
want
to
have
a
defensible
rationale
for
that
and
now
that
greg's
restated
his
position
and
she's
not
basing
it
on
cost,
but
rather
just
using
cost
as
a
benchmark,
and
I
I'm
much
more
confident
that
his
number
and
maybe
better
than
barnes,
because
barnes
is
extending
out
beyond
the
year
which,
which
we
don't
do
you
know
lease
up
beyond
a
year.
I
I
go
with
greg's
approach
and
his
math.
F
A
Okay,
mr
yates,
where
are
you
on
this.
J
I
I
could
get
with
what
greg
has
and
I
understand
the
argument
concerning
19,
but
I
I
could
do
the
least
extended
lease
up
because
it
needs
it.
A
F
I
got
credit
for
barnes's
idea
so
I'll
make
the
motion
to
reduce
to
85
million
508
000,
based
on
the
county's,
revised
column,
f
and
the
higher
below
the
line.
Deduction
for
stabilization.
A
Okay,
I
believe
mr
lawson
should
be
able
to
second
that
motion,
since
it
was
his
idea.
Thank
you,
mr
lawson,
all
in
favor
I
opposed
all
right.
Oh
okay,
all
right!
So
it's
five
to
two
and
that's
no,
mr
matskin
or
mr
panaranda,
so
the
assessment's
reduced
to
85
million
508,
even
and
that's
based
on
the
county's,
revised
numbers
in
column,
f,
subtracting
a
three-year
lease
up
of
that
that's
listed
just
for
the
minutes
in
column,
g,
all
right
that
completes
the
calendar,
any
other
business
from
the
county
or
board
members.
A
Okay,
all
right,
then
we
will
stand
adjourned
at
10
28
and
we
adjourn
next
tuesday
at
9
00
a.m,
and
that
is
the
17th.
I
just
want
to
also
point
out
on
the
18th:
it's
a
very
full
schedule.
There's
six
cases
have
been
put
on.
I
think
that's
the
first
time
we've
had
six
commercial
cases
we
do
have,
depending
on
the
time
frame,
it's
two
appellants
and
we
have
asked
miss
foreman
that
if,
in
the
event
that
we
run
over
and
we
get
close,
then
we
may
bump
her
last
case.
You
know.
A
So
we
don't
go
past
12
o'clock,
so
people
can
get
back
to
work.
But
if
we're
close
enough
we'll
just
kind
of
take
the
temperature,
then
if
we
can
complete
the
last
case
in
a
timely
manner,
you
know,
but
I
just
want
to
just
alert
you
to
the
fact
that
that
is
going
to
be
a
full
morning.
Okay,
all
right!
Well,
then,
we
can
stand
adjourned
and
if
everybody
will
just
stay
on
and
we'll
talk
on
about
the
schedule
for
september.