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A
What
good
morning
today
is
Wednesday
August,
9th
2023.
This
is
the
Arlington
County
Board
of
Equalization
hearing.
There's
six
cases
on
the
agenda,
we're
going
to
start
with
the
first
case:
RPC
15046011
properties
located
at
3140,
17th,
Street,
North
and
I
believe
we
have
Mr
King
and
Mr
zaheed
on
Mr
zaheed.
You
can
start
with
your
eight
minutes
until
this
property,
sir.
B
Good
morning
and
thank
you
very
much,
members
of
the
board,
ladies
and
gentlemen,
we
appreciate
this
opportunity
to
consider
revising
the
valuation
of
our
two-bedroom
1938,
one
of
the
smallest
houses
in
the
area
valuation
to
where
the
market
is
in
which
we
have
verified,
with
several
participants
to
be
notably
off
what
the
market
would
pay
for
this
house
today.
B
The
way
the
county
does.
It
is
the
sum
of
parts
which
may
leave
out
some
of
the
details,
so
there
are
significant
discounts
that
are
applied
for
the
Lord,
which
is
cornered,
which
is
irregular,
which
has
severe
water
issues
and
which
has
boundary
issues
that
the
board
is
aware
of
from
hearings
a
couple
of
years
ago.
B
B
We
bought
this
place
in
2004.
It
had
original
Windows
single
pane,
most
of
them
locked
very
drafty.
A
couple
of
them
broke
in
the
storm
we
were
effectively
broke.
These
are
non-standard
size
windows.
So
very
expensive
to
replace
with
original
windows,
so
in
2004
we
replaced
them
with
sash
kits
they're,
not
even
windows,
they're
sash
kits
those
jams
have
over
almost
20
years,
now
warped
and
deformed,
and
more
than
half
of
them
don't
even
open
today.
B
So
there
is
clearly
some
misunderstanding
somewhere,
which
has
resulted
in
this
very
high
valuation
of
the
building,
at
the
same
time,
not
applying
any
discounts
for
Corner
irregular
boundary
issues,
water
issues.
B
This
is
the
point
we
tried
to
make
that
most
of
the
houses
that
we
looked
at
older
houses,
even
refurbished
ones.
The
buildings
are
valued
around
120
as
low
as
90
dollars
per
square
foot.
We
are
almost
double
of
that
and
I
think
that's
a
result
of
these
misunderstandings
that
have
occurred
for
some
reason.
If
you
would
allow
me
to
share
my
screen,
I
can
show
you
some
of
the
pictures
of
the
windows
and
the
AC
unit
to
put
things
in
perspective.
A
C
B
B
For
that
then
increase
the
age
of
the
house
by
10
Years.
Also,
this
is
the
upper
level
rotting
and
going
on
and
you
can
see
again.
This
is
a
jam.
B
It's
it's
not
a
window
on
the
AC
I
mean
that's
it
I,
don't
know
if
you
can
see
it.
This
is
19
years
old
and
I
put
tapes
on
it,
because
the
plastic
has
completely
deteriorated
with
direct
sun
for
19
years
and
the
things
are
falling
apart.
I
repainted
it
a
couple
of
years
ago,
and
that
is
two
of
most
appliances
in
the
house:
they're
15
17
18
years
old-
and
this
is
the
main
condenser
you
see
the
rot
on
it.
This
is
the
decade
old.
B
It
also
refers
to
a
tool
shed
and
a
pergola
in
the
in
the
write-up
Tool
Shed
is
because
we
had
to
move
the
board
advisors
to
move
the
old
shed,
which
was
put
there
by
by
the
previous
owner
and
the
purple
army.
Every
time
the
valuation
was
increased
by
50
70
80
000,
which
the
market
does
not
pay
for.
B
We
also
looked
at
you
know
some
of
the
comps
and
something
I
would
like
to
share
with
you
here.
This
is
the
house
right
at
the
back
when
we
talk
about
equity
and
fairness,
which
basically
increased
our.
B
Yes,
so
in
six
years
it
its
value
has
not
increased
at
all,
but
ours
has
gone
up
by
almost
80
percent,
and
this
again,
as
I
said
at
the
beginning,
I
don't
know
how
much
time
I've
left
it
has
to
be
market
value.
The
market
applies
significant
discount,
there's
no
refurbishing
done
inside.
We
have
not
done
any
work
since
2004,
except
the
sunroom
project
that
the
board
is
aware
of.
B
It
has
not
been
gutted
to
the
studs.
It
is
not
open
concept,
there
are
no
walk-in
closets.
The
bathrooms
are
really
small
and
I
have
pictures
to
show
you
as
well.
This
is
a
this
is
a
lot
of
you
would
know.
Billy
Buck,
he
values
it.
I've
highlighted
it
from
1.25
to
1.3
million.
B
This
is
another
one,
our
own
prabasco
he
has
given
us
an
offer.
He
even
gave
the
comps
and
he
says
very
clearly
Conan
lots
and
all
that
and
he's
saying
1.325
he
even
sent
us
a
contract.
This
is
also
another
very
well
known
gentleman,
David
Cabo.
He
puts
it
at
1.3
maximum
1.35,
with
some
work
done.
B
Also,
apparently
very
well
known,
very
experienced
knows
the
area
well
at
Northern,
Virginia,
realty,
she's,
saying
maximum
will
go
to
1375,
but
that
we
have
to
Stage
IT,
do
the
repairs
and
other
things,
so
that's
an
expense
anywhere
50
to
70
000,
to
get
to
one
three:
seven:
five:
on
the
low
side,
here's
a
new
one
which
I
had
not
mentioned
to
staff
before
another
gentleman,
who's,
making
the
same
points
given
the
property
size
and
condition
an
investor
will
likely
purchase
it
and
he's
suggesting
to
list
it
at
just
1.1
million
to
attract
interests
he
mentioned
around
1.3
is
what
we
will
get.
B
This
is
where
we
are
so.
We
therefore
request
your
consideration
to
to
please
base
it
on
the
market
and
not
some
sum
of
parts
and
remove
these
confusion.
This
is
not
a
2000
built
house.
This
is
a
1938
structure
in
pretty
much
the
original
form
original
flows,
cluster
walls,
it
still
has
old,
wiring
in
it
metal,
pipes
and
stuff,
so
I
I'll
stop
there
and
I.
Thank
you
for
your
considerations.
D
Good
morning
board,
this
property
is
a
two-story
single-family
home
with
two
bedrooms:
two
and
a
half
bathrooms
an
unfinished
basement
and
a
detached
garage.
The
property
was
built
in
1938.
There
have
been
some
Renovations,
as
you
can
see,
there's
a
side
Edition
on
the
property.
Now
after
Renovations
it
has
an
effective
age
of
2
000
and
it
originally
had
a
quality
of
very
good
plus
before
the
review.
D
The
property
was
not
inspected,
so
sometimes
we
do
have
to
use
our
best
judgment.
You
know
from
the
field,
looking
at
the
property
from
the
street,
seeing
what
we
can
do
from
the
plans
on
file.
We
tried
to
work
with
the
appellant
to
get
this
one
inspected,
but
we
couldn't
get
it
worked
out.
We
would
love
to
get
in
and
see
the
current
state
of
the
property.
D
Nothing
was
provided
to
us
interior
photos,
any
kind
of
inspection
report
or
anything
like
that
or
in
terms
of
what
repairs
or
improvements
are
needed
on
the
property.
None
of
that
was
provided
to
us
as
well.
This
property
is
in
Lion
Village,
so
much
of
the
value
is
going
to
be
in
the
land.
The
current
Improvement
value
is
less
than
it
was
in
2019.
Even
so,
land
value
is
going
to
be
Market
based,
and
this
area
does
see
land
sales
regularly
above
one
million
dollars.
D
So
now
the
property
wasn't
inspected,
but
I
did
go
over
the
record
and
of
the
other
comps
in
the
area.
One
of
the
other
similar
properties
that
the
appellant
brought
up
was
1504
North,
Highland
Street.
This
property
is
similar
than
the
subject
above
ground
square
footage,
but
it
does
have
a
finished
basement,
but
it
has
the
same
number
of
bathrooms.
D
This
property
is
at
very
good
minus,
so
we
thought
that
this
quality
was
in
line
with
the
subject
property
for
the
size
of
the
house.
The
room
count
the
renovations
in
the
garage
being
present
so
on
the
subject.
Property
has
a
revised
2023
value
of
one
million
537
900.
The
sales
analysis
sheet
for
lion
Village
on
page
14
shows
that
many
of
the
sales
in
the
neighborhood
are
in
the
upper
1,
millions
or
even
above
2
million.
D
D
So,
with
the
changes
made
to
the
property
for
2023,
the
department
recommends
the
confirmation
of
the
revised
2023
value
of
one
million,
five
hundred
and
thirty
seven
thousand
nine
hundred
dollars.
Thank
you.
C
Mr
Lawson
yeah,
that's
for
the
county.
It
doesn't
seem
like
there's
a
whole
lot
of
cops
in
wine
Village.
One
of
one
of
your
comps
is
in
life.
Park
I
mean
isn't
that
isn't
that
a
totally
different
Dynamic
and
live
art
versus
flying
Village.
D
Sure
so
some
of
it
is
going
to
be
just
trying
to
find
some
of
these
smaller
properties.
You
know
a
lot
of
that
stuff
in
Lion,
Village
has
been
renovated
and
expanded,
and
then
a
lot
of
the
older
stuff
sells
off
market.
So
you
know,
I
was
trying
to
show
that
you
know
smaller
properties
that
are
on
the
open
market.
D
In
the
larger
you
know,
Clarendon
Courthouse
area
can
achieve.
You
know
those
mid
one,
one
Millions,
but
it's
difficult.
It's
always
going
to
be
difficult
with.
You
know
smaller
properties,
older
properties,
things
like
that
smaller
you
mean
to
have
size,
smaller,
yes,
square,
footage
for
the
the
actual
Improvement.
E
First
first
question:
easy
question
for
the
economy:
why?
What
have?
Why
wasn't
you
spent
a
lot
of
time
on
the
fact
that
your
house
is
not
highly
modern,
but
yet
nobody
came
in
to
verify
that
what
happened
with
the
inspection,
dynamic.
B
Thank
you
for
the
question.
As
I
noted
before
there
are
some
confusions
in
the
record.
The
county
has
inspected
the
property
at
least
a
dozen
times
between
2015
and
2020.,
and
several
times
they
came
in
many
times,
without
any
paperwork
without
any
notice,
they're
seeing
the
property
inside
out
several
times
this
time
there
was
again
a
lot
of
confusion
on
the
timing.
The
board's
website
was
locked
as
of
April
17,
something
I
had
to
work
it
out
through
emails
and
I
was
traveling.
My
father
was
ill.
B
B
Mr
King
mentioned
this
comp.
Okay,.
E
I
seem
to
like
this
comparable
to
you
know
four
Island
Street
North,
Island,
Street
and.
E
The
assessment,
though,
is
you
know
a
bit
lower.
We
don't
have
a
full
breakout
of
it.
Of
course,
you
know
on
the
comparable
sheet,
I
mean.
Let
me
rephrase
the
question.
E
I
had
several
questions.
Excuse
me.
C
Yeah,
for
this
is
for
the
owner,
when
you
say
the
county
inspected,
County's
been
in
there
was
that
real
estate
assessment
Department
Personnel
or
was
that
other
departments
in
the
Arlington
government.
B
I,
thank
you
for
your
question.
Mr
Lawson.
They
have
and
done
at
least
three,
that
I
can
recall
over
the
years.
Assessments
for
Real
Estate
valuation
and
the
others
were
for
for
all
that
sun
drone
project,
the
the
shed
moving
and
the
pergola
the
pergola,
the
material
costs
700
the
county
increased
valuation
by
seventy
thousand,
but
that's
a
separate
Point.
The
thing
is
that
they
have
gone
inside
the
house,
even
when
the
work
was
not
related
to
inside
the
house.
B
E
Again,
I'm
more
prepared,
thank
you
on
that
for
the
department,
so
you
had
no
records
from
the
prior
Department
of
real
estate
assessment
visits
into
this
space.
She
said.
D
You
had
no
pictures,
you
had
no
no
documentation,
sure
so
good,
so
great,
so
2016
an
appraiser
left
a
door
hanger
at
the
property
for
the
permit
for
extending
the
sun
room
and
adding
the
two-story
Edition.
D
We
did
not
go
inside
at
that
time.
It
was
a
simple
apartment.
Pickup
it
looks
like
we're,
not
contacted
and
then
in
2020
we
went
out
for
the
permit
for
install
pergola
and
build
new
tool
shed.
He
said
we
talked
to
own
in
the
field
and
he
was
just
not
happy
with
the
Department
being
there.
So
there
was
no
again
no
interior
inspection.
D
That's
when
the
note
here
that
was
do
not
visit
owner
requested.
No
one
access,
this
property,
that's
when
that
was
added
to
the
to
barcel
and
then
again
for
this
year,
2023
we
were
not
allowed
inside
or
on
the
property.
So
we
have
not
been.
You
know,
I,
don't
know
what
department
has
been
inside
the
property,
but
it
has
not
been
the
department
of
real
estate
assessments,
but.
E
This
trip
answered
my
question.
The
other
question
is
the
accountant
brought
up
this
assessment
history
at
3147,
Key
Boulevard,
and
that
you
know,
while
his
assessment
goes
up
regularly
and
significantly,
that
one
is
flat,
do
anything
about
that.
D
I
mean
you
know:
we've
got
this
one.
It
goes
up
about
a
million
dollars
a
year.
You
know
2020,
it
was
2.2.2
2021,
2.25,
2022
2.35,
and
this
year
it's
2.46.
D
You
know
it
is
increasing
I'm.
You
know,
we've
been
out
to
the
property
a
couple
times
now
with
the
permit
work
and
stuff
like
that.
So
there
are
changes
when
we
go
out
to
you,
know
a
review
or
something
that
aren't
going
to
be
just
rolled
into
the
annual
changes
that
are
property.
So
you
know
back
in
2020.
We
were
there
for
the
permanent
work
that
was
done.
So
there
is
some
change
there,
but
again
the
the
subject.
D
Property
has
gone
down
in
Improvement
value
over
the
last
four
years,
so
it's
even
less
than
it
was
in
2019.
yeah,
most
of
that's
going
to
be
in
land.
I
mean
you
know.
Land
is
just
Market
based
we're
not
you
know
it's
not
going
to
go
down
when
the
land's
going
up.
A
D
So
without
an
inspection,
the
department
did
as
much
as
it
could,
based
on
the
records
that
we
have
and
the
visual
appearance
of
the
property
being
in
line
Village.
Much
of
that
value
is
going
to
be
in
the
land
and
the
sales
are
similar
smaller
homes
in
the
neighborhood
support
the
revised
2023
value
of
one
million
537
900.
Thank
you.
B
Thank
you
so
much
I
would
reiterate
that
we
are
valued
at
230
dollars
per
square
foot
and
every
other
property
is
around
110
120..
This
is
way
off.
This
is
not
even
close
property
that
you
mentioned,
and
you
even
asked
question
1504
North
Highland
is
public
record
available
through
many
website
that
is
actually
renovated
is
2296
square
feet.
It
is
extended
at
the
back.
All
three
bedrooms
are
walk-in
closets
Etc
and
it
comes
to
126
dollars
per
square
foot.
We
put
this
information
in
that
the
county
record
is
not
correct
on
inspections.
B
I
would
I
would
leave
it
at
that.
A
F
I
looked
at,
you
know
the
comfortable
that
they're
selling
provided
and
most
of
them
I
think
the
main
difference
in
japan-based
value,
because
some
of
the
products
that
he
brought
up
on
the
land
basis
and
nine
hundred
thousand.
This
is
a
a
lot
more
than
that
I'm
getting
one
ticket
and
you
know
I,
don't
don't
really
see
a
lot
of
compelling
evidence
that
he
would
grow
besides,
comparing
her
square
footage
based
on
the
building
itself,
not
on
the
total
body
of
the
property.
A
Yeah
I
have
an
issue
with
the
whole
inspection
you
know,
even
if
the
last
time
they
were
out,
there
was
2020
it's
still
three
years
ago.
You
know
I,
don't
think
they
got
in.
You
know:
I
think
that
if
they're
questioning
the
interior
and
some
of
the
issues
in
the
house
I
think
an
interior
inspection
certainly
would
have
been
helpful
to
not
only
to
the
county
but
to
the
board,
and
it
looks
like
a
lot
of
the
issues
of
deferred
maintenance.
G
G
G
Oh
yeah,
if
you
just
drop
100
and
some
thousand
in,
but
that's
for
some
that's
deferred.
Mayonnaise
yeah
I
mean
if
I.
If
I
were
going
in
there
I
would
clearly
most
likely
end
up
doing
a
kitchen.
You're
gonna
do
new
lighting,
it
sounds
like
he's
got
yeah.
He
sounds
like
he
has
some
things
in
Windows,
probably,
but
they
still
don't
come
to
that
much
I
mean
they're
you're,
going
to
drop
you're
Seventeen
hundred
thousand
into
this
house,
and
it's
going
to
pump.
C
A
E
A
E
G
A
A
Good
morning,
okay-
and
we
have
enough
okay,
so
I'm,
just
gonna
ask:
do
you
have
a
timer.
A
I
Yes,
thank
you,
I'm,
going
to
share
my
screen
with
some
of
the
documents
we
provided
to
both
the
board
and
the
Drea
Madam
chairwoman,
members
of
the
board
annetta
good
morning.
This
property
is
the
waycroft
apartments
and
Associated
retail
in
Ballston.
The
issues
on
appeal
are
the
concessions
rate,
the
operating
expenses
and
the
capitalization
rate.
I
Now,
if
you
look
at
the
board
pack,
the
Drea
test
page
is
a
little
difficult
to
track
how
it
has
the
economic
unit
broken
down
between
Market,
affordable
and
Retail
I'll
be
discussing
the
property
as
a
total
economic
unit.
Since
that
is
the
way
the
owner
operates,
it
so
to
ease
URLs
review.
I
recommend
looking
at
the
taxpayers,
column
I
on
the
test
page.
This
is
the
2022
actual
figures
from
the
property,
and
then
you
can
find
a
Drea
Consolidated
column
with
all
three
assessments
Consolidated
on
page
five.
I
That
will
give
you
a
easy
way
to
compare
the
2022
and
and
the
assessment,
so
this
property
opened
in
2020
and
it
was
stabilized
by
January
1st
2022..
The
2023
test
value
represents
an
increase
of
13
million
dollars
from
the
2022
assessment.
Why
the
increase?
First?
Looking
at
the
Drea
test
column,
we
see
that
it
projects
an
increase
over
what
the
property
achieved
in
2022
and
gross
potential
income.
They
project
an
increase
of
2.3
percent,
but
only
project
an
increase
in
operating
expenses
of
0.3
percent.
I
This
doesn't
make
sense,
especially
given
the
record
inflation
in
the
market.
Additionally,
most
new
properties
have
lower
operating
expenses,
the
first
few
years
in
operation
due
to
many
of
the
repairs
and
expenses
being
covered
by
warranties,
so
the
test
column
understates
the
increase
in
operating
expenses
that
the
property
will
incur
in
2023,
projecting
near
zero
growth
from
2022
levels.
I
I
In
order
for
the
proper
property
to
achieve
this
level
of
occupancy
and
the
relating
income
it
had
to
give
concessions,
concessions
were
given
throughout
2022
and
being
offered
as
of
the
end
of
the
year.
As
you
can
see,
on
page
37
of
the
board
packing,
this
property
was
offering
one
thousand
dollars
off
any
vacant
unit,
plus
waiving
the
six
hundred
dollar
move-in
fee
for
new
tenants
concessions
have
been
offered
throughout
2023
as
well,
and
if
concessions
do
decrease
in
the
future,
the
annual
nature
of
the
assessment
cycle
will
capture
it.
I
At
that
point
concessions,
the
market
has
seen
a
record
number
of
new
inventory
coming
online.
This
is
due
to
projects
that
were
delayed
during
the
start
of
coven
now
coming
to
completion
with
the
increase
in
competition
concessions
necessarily
play
a
bigger
role,
the
test
column,
projects,
vacancy
rent
loss
and
concessions
to
decrease
by
two
hundred
thousand
dollars
from
the
2022
level,
which
again
in
2022,
the
property
averaged
only
2.3
percent
vacancy.
I
Now
to
the
third
point,
the
Drea
has
assessed
this
property
at
a
combined
market
cap
rate
of
only
4.32
percent.
Using
the
same
rates
each
of
the
past
four
years
and
the
lowest
cap
rate
of
multi-family
for
any
of
the
past
15
years
now,
I
want
to
mention
what
is
shown
on
the
test
page
as
the
cap
rate
by
the
Drea.
This
is
actually
a
number
representing
three
different
components.
I
These
cap
rates
are
all
low
for
where
the
market
stood.
As
of
the
data
value,
I
want
to
focus
on
the
market
unit
Capri
of
4.1
percent,
since
this
portion
makes
up
the
vast
majority
of
the
assessment.
As
of
the
data
value,
the
Soffer
was
4.3
percent.
To
put
this
in
perspective
over
the
course
of
2022,
the
cost
of
capital
increased
more
than
any
other
year
in
the
past
50.
I
The
10-year
T
Bill
increased
by
236
basis
points
over
this
same
period.
The
assessments
market
cap
rate
increased
by
zero.
Again.
As
of
the
data
value,
the
Soffer,
the
cost
of
capital
was
4.3
percent,
which
effectively
means
it
would
cost
you
more
to
borrow
capital
or
purchase
this
property
than
the
return.
The
Drea
has
assessed
the
property.
Yet
that's
before
the
lending
spread
for
risk
keep
in
mind.
The
total
return
represented
by
the
cap
rate
is
the
return
of
and
return
on,
Capital.
So
at
the
Drea
rates
you
won't
even
recover
your
cost
of
capital.
I
The
Drea
cap
rates
for
a
property
of
this
class
in
age
increased
by
125
basis
points.
The
last
time
interest
rates
increase
substantially.
In
2009,
the
Drea
cap
rates
went
from
4.7
percent
to
5.95.
The
drda
cap
rates
were
4.75
percent
as
recently
as
2014
and
15,
and
has
only
decreased
but
only
been
decreased
by
the
department.
Since
then,
higher
interest
rates
do
affect
property
values
via
higher
cap
rates.
Peter
Rothman
green
Street's
co-head
of
strategic
research
stated
last
November
that
higher
yields
on
Treasury
bonds
equals
higher
capitals.
I
This
is
known
in
the
market,
yet
the
Drea
has
not
taken
into
account
any
of
the
increases
over
2022.,
again
425
basis.
Point
increase
in
the
sofa
236
basis
point
increase
in
10-year
t-bill,
knowing
that
cap
rates
increase
from
January
1
2022
to
January
1
2023.
What
is
the
appropriate
amount
to
assess
this
property?
Yet
we
conservatively
applied
75
basis
points
based
on
a
Wilkes
artist
survey
of
72
multi-family
Market
participants,
whose
responses
indicated
cap
rates
had
increased
between
50
and
200
basis
points.
I
With
most
saying
the
increase
was
75
to
100
basis
points.
The
Delta
associates
survey,
which
is
a
local
market
survey,
indicated
that
class
A
high-rise
apartment
cap
rates
increased
by
116
basis
points
to
5.11
from
year
in
21
to
year.
In
22.
next
CBRE
reported
class,
a
multi-family
cap
routes
increased
by
100
basis
points
from
first
half
of
2022
to
the
second
half
of
2022..
I
This
is
all
information
that
was
known
in
the
market.
As
of
the
data
value.
Knowing
this
we
conservatively
chose
75
basis
points
as
an
appropriate
cap
rate
adjustment.
Finally,
if
we
look
at
the
sales,
the
Drea
has
included
a
support.
We
see
that
any
property
comprised
of
Market
units
that
were
sold
or
agreed
to
in
the
first
they're
all
sold
to
agreed
to
in
the
first
four
months
of
2022,
before
the
effective
interest
rates
were
being
felt
by
the
market.
The
first
sale
listed
in
the
guidelines
is
a
Redevelopment
project.
I
The
second
sale
is
affordable
housing.
The
next
four
sales
were
all
first
quarter,
deals
which
the
owner
confirmed
the
owner
of
those
sales
also
confirmed
that
cap
rates
increased
over
the
remainder
of
2022
and
would
be
at
a
minimum
of
five
percent
by
the
data
value.
Finally,
there
was
a
question
last
year
about
Target
paying
percent
Grant
I
looked
at
that
lease
and
confirmed
that
Target
is
not
paying
percent
rate.
Thank
you.
H
C
H
Component
has
approximately
60
100
square
feet
and
Target
is
the
end
Cortana
place,
which
expires
in
20
30
.,
based
on
the
actual
eventual
the
retail
space
had
8.6
physical
vacancy,
an
interior
and
exterior
inspection
was
conducted
on
June,
101
2023
and
according
to
the
property
manager
inside
the
apartment
component,
approximately
97
98
occupied
the
issue
is
the
issues.
Are
the
applicants
believe
that
Drea
has
overestimated
the
GPA
GPI,
but
also
account
for
the
actual
vacancies
and
concessions
and
underestimated
the
objects?
The
appellants
are
also
disputing
the
countries
and.
H
The
analysis
we
have
looked
at
the
INE
survey
submitted
for
years,
2020
to
2022.
If
you
put
direct
your
attention
to
the
summary
sheet,
I'm,
not
sure
which
page
is
it
in
your
packet,
so
in
2020
and
2021,
the
property
was
in
its
Lisa
place
and
the
vacancies
of
concessions
were
high
at
69.58
in
2020
and
at
16
percent
in
2021
in
2022,
the
reported
vacancy
and
concessions
declined
by
62
and
the
apartment
rental
income
increased
by
7.39
percent.
H
The
property
no
longer
offers
free
events,
I
just
looked
it
up
yesterday.
They
are
currently
offering
300
of
moving
fees
and
free
parking
for
the
first
three
months.
In
our
revision,
columns,
H1
and
H2,
we
adjusted
the
apartment
income.
The
rental
rates
we
used
are
very
well
supported
by
the
actual
rentals
actual
rental.
As
of
January
1
2023.
H
H
H
H
H
The
equivalence
contains
the
company
is
based
on
the
Canadian
treasury
out
which
have
heavily
fluctuated
throughout
the
2020
and
yes,
as
of
December
31st.
It
was
traded
at
3.8
percent,
but
as
of
January
1,
it
was
rated
at
1.7
percent
and
as
the
appellant
stated,
as
of
December
2022,
the
note
was
rated
at
1.5.
They
did
not
contest
the
corporate
stamp
and
again
they're
bringing
up
software
rates,
but
they
don't
provide
any
information.
H
In
place,
if
you
bring
this
SNR
demand,
you
could
at
least
tell
us
how
it
does
affect
that.
How
this
operates
affected.
The
client.
We
have
no
knowledge
of
an
allowancing
place.
They
left
the
that
section
on
inline,
so
that
is
all.
A
Okay,
thank
you.
Questions
from
the
board
members.
E
Two
two
questions:
one
for
the
Appellate
for
the
Department.
You
said
that
there
you
looked
and
saw
that
there
is
half
priced
on
the
move-in
fee
and
no
free
rent
at
all.
Is
that
recent?
That's
not
that's
that
wasn't
something
that's
as
a
tune
so,
but.
H
I
Number
end
of
2022
November
15th.
They
were
advertising
one
thousand
dollar
off
vacant
units
and
waving
a
600
move-in
fee
and
I
did
confirm
with
the
owner
that
they
do
project
2023
concessions
to
be
in
line
with
2022.
E
Okay,
great
my
question
for
the
appellant
is
in
2022.
You
should
show
for
retail
no
pass-throughs,
that's
a
lot
of
retail
they're
they're,
not
paying
those
big
companies.
I
E
I
The
2022
to
Mr,
natskin
INE,
is
on
page
42.
You
can
see
the
income
section,
they
do
report
retail
income
online
io3
and
then
they
report
reimbursements,
online
io5,
so
I'm
not
sure
how
that
lines
up
with
how
it's
presented
on
the
Drea
test
page,
but
they
do
report
657,
700
in
utility
services,
reimbursements
and
rubs
and
then
another
540
000
in
miscellaneous
income
and
again
they
they
report.
They
operate
this
as
one
economic
unit,
so
the
income.
You
know
some
of
that
may
be
co-mingled
with
the
residential.
I
A
E
The
Department
you
use
project
in
H3,
4.58
percent,
increase
in
retail
rental
and
typically
it's
three
percent
and
for
Quality
Companies
with
long-term
leases.
It's
usually
less
than
that
so
where's.
This
number.
H
H
Thank
you
again.
When
you
look
at
the
actual
eventuals,
it
is
evident
that
the
revised
rental
income
values
and
calls
each
one
and
H2
is
very
well
supported
outside
of
the
INE
service.
This
actual
rental
is
probably
the
best
supporting
data
for
Drought
projected
Ubi,
either
way
you
slice
it
your
slice
that
these
were
rents
actually
achieved,
as
of
January,
1,
2023
and.
J
I
Thank
you
again.
We
don't
dispute
the
income
increase.
We
dispute
the
income
increasing
with
not
a
consummate
increase
in
the
operating
expenses.
They
project
operating
expenses
staying
flat
year
over
year.
That's
not
in
line
with
the
market.
The
property
was
stabilized
over
the
course
of
2022.
It
had
an
average
of
97.7
occupancy
over
2022,
and
yet
it
still
had
these
concessions.
It
requires
these
concessions
in
the
competitive
market
to
have
that
occupancy
level.
The
owner
projects
higher
turnover
this
year
and
concessions
to
be
in
line
with
last
year's.
I
Finally,
the
cap
rates
with
all
the
available
data.
We
have
says
that
cap
rates
have
increased
and
just
the
last
note
on
the
Drea
tests,
they
do
what
they
list.
As
cap
rates,
is
the
market
cap
plus
a
tax
rate
plus
an
assumption
for
replacement
reserves,
they're
assessing
market
rate
units
at
4.1
percent
cap
rate,
that's
below
the
sofa
rate
of
4
4.3
percent,
that
a
market
participant
would
pay
for
this,
and
that's
what's
important?
Is
it's
a
market
participant?
It's
not
how
this
affects
the
owner?
It's.
How
does
the
market
impact
it?
A
Thank
you
both
it's
just
among
the
board
members.
C
There's
an
article
in
the
Wall
Street,
Journal
I
think
it
was
yesterday
talking
about
how
how
financing
for
these
type
of
projects
has
gone
way
up
as
far
as
interest
rates
and
cash,
Investments
and
so
forth,
and
so
on,
and
that's
definitely
out
there
and
as
these
loans
mature,
their
their
owners
are
going
to
have
to
face
this.
C
So
I
see
that
I
see
the
argument
for
racing,
the
cap
rate
and
I
think
maybe
the
cap
rate
should
be
adjusted
but
I'm
not
to
determine
how
much
so
after
that,
I
looked
at
I
think
this
is
a
improving
situation
and
because
it's
improving,
you
know,
you've
got
Silver
Diner
in
and
assuming
you
spread
out
just
the
increased
anticipated
income,
the
county
projects
you're
only
talking
about
70
bucks
on
residential
community,
and
then
you
also
have
some
retail
so
I'm
I'm,
trying
in
my
mind,
to
figure
out
how
to
reconcile
these
different.
C
It's
different,
reflecting
situations,
I,
guess
I
end
up,
not
really
knowing
not
really
thinking,
but
the
counties
proposing
is
all
that
wrong.
So
that's
kind
of
where
I
am.
A
C
G
G
C
G
C
A
A
Right
and
so
I
what
I
did-
and
this
is
a
very
you
know,
broad
stroke
that
I
did
here,
but
just
looking
at
the
difference
of
that
three,
the.
E
A
C
J
F
Oh,
the
body
came
up
with
lowers
to
260
by
pretty
much
looking
at
the
same
other
expenses,
not
on
the
market.
I
mean
not
on
the
affordable
retail
I
think
the
rubs
are
kind
of
considered
on
the
retail
Park
other
than
the
other.
Yes
right,
but
I
increased
the
expenses
to
28
on
the
market
Apartments,
and
that
brings
down
the
noi
from
that
portion
to
eleven
six
six,
nine,
nine
four
one.
So
the
total
value
combined
on
all
three
would
be
216
347
600.
F
B
F
C
A
You
know
myself
I
lean
more
towards
this,
but
I
don't
want
to
revert
back
to
the
county,
so
I
would
support
that
or
somewhere
in
between.
Maybe
we
can
compromise.
Time
was
257
669
6.
A
E
Early
on
the
comments,
presentation
sentence
to
the
stabilized
building,
you
know
the
beginning
of
2022
and
that's
how
I
am
treating
it
and
I
think
a
very
modest
increase,
because
things
are
better
right,
I
think
it's
going
to
probably
go
up
next
year,
yeah
and
so
yeah.
So
between
the
two
of
your
calculations.
It's
it's
fine
with
me.
For
that
reason,
there
ought
to
go
up
and
Automotive
modestly
I,
don't
consider
11
lives.
A
F
F
F
E
F
A
A
Thank
you,
okay,
I
believe
I
saw
Mr.
Chicas
is
Mr
steinhauser
on.
A
J
J
The
current
assessment
of
the
revised
assessment
of
99
million,
roughly
or
originally
102
million,
represents
the
revised
assessment
represents
a
19
million
or
24
increase
year
over
year,
which
we
believe
to
be
excessive.
Of
the
revision
made
by
the
county
only
encompasses
a
deduction
of
the
personal
property
value
which
was
not
done
in
the
original
assessment,
and
no
other
changes
have
been
made.
J
I'm
gonna
be
working
off
of
the
counties
test
sheet,
while
I
present
as
there's
a
few
things
that
were
changed
and
I
think
this
gives
a
better
representation
of
what's
going
on.
J
So
it's
worth
noting
that,
first
of
all,
in
2019,
through
2021,
the
owner,
had
reported
their
ground
lease
expense
in
their
income
and
expense.
Submissions
which
we
agree
with
the
county
should
not
be
admissible
as
an
operating
expense.
J
So
you'll
see
in
columns
b,
d
and
f
that
the
county
pulls
out
those
ground
lease
expenses
showing
a
slightly
higher
or
considerably
higher
noi
compared
to
what
was
reported
by
the
owner,
and
that's
the
only
change
in
those
years
for
2022,
you
can
see
column
H
is
what
the
owner
submitted
to
the
county,
which
indicates
an
noi
of
6.1
million
dollars.
This
does
not
include
any
ground
lease
expense.
J
J
J
Number
one
was
1.5
million
dollars
in
sales
tax,
so
one
hundred
thousand
dollars
of
that
sales
tax
was
attributable
to
to
2022
I'm
sorry
2022
the
calendar
year
and
is
a
valid
operating
expense
that
is
recurring
every
year
and
needs
to
be
considered
so
that
that
roughly
99
000
needs
to
be
considered.
J
Additionally,
there
was
1.4
million
dollars
taken
out
and
that
was
reported
on
the
2022
INE
in
relation
to
a
sales
tax
audit
that
found
that
they
had
underpaid
their
sales
taxes
from
December
2017
to
2020
by
roughly
1.4
million
dollars.
The
county
completely
removed
this
expense.
However,
we
do
not
believe
what,
while
we
do,
agree
that
this
expense
should
not
be
projected
forward.
J
We
do
believe
that
this
needs
to
be
considered,
and
it
is
attributable
to
roughly
three
years
of
time,
which
comes
out
to
about
five
hundred
thousand
dollars
in
expense
of
operating
expense
that
was
incurred
by
the
operations
of
this
hotel
over
that
time
and,
as
a
result
actually
took
the
ionies
for
those
years
were
the
expense
items
were
deflated
by
that
amount.
Concurrently.
J
So
again,
we
believe
that
these
need
to
be
considered.
We
do
agree
that
that
the
audit
expense
should
not
be
projected
forward.
Additionally,
there
was
a
couple
other
items
removed,
including
the
expense
for
the
property
tax
appeal
owner's
expense,
which
is
debatable
and
then
travel
expense,
which
we
believe
definitely
should
be
considered.
J
They
need
to
incur
travel
expense
for
employee
trainings
conferences,
Etc,
that's
a
valid
operating
expense
and
something
that
hotels
incur.
We
do
not
believe
that
that
should
be
removed.
J
Additionally,
there
were
some
items
in
the
common
area:
maintenance
that
somehow
ended
up
in
the
trial
balance,
which,
were
you
know,
percentage,
rent
payments
and
ground
lease
payments
that
somehow
ended
up
in
there
I
don't
believe
it
was
a
super
material
amount,
especially
on
the
ground,
lease
and
percent
rent
payments.
However,
we
agree
that
those
probably
should
not
be
included,
but
at
the
end
of
the
day,
I'm
going
to
be
focusing
on
column
I,
which
is
the
County's
reconstructed
INE,
where
they
are
again.
J
Again,
according
to
what
was
reported
in
2022,
it
was
79.45
percent
and
in
the
assessment
they're
using
a
72
expense
ratio
of
being
a
full-service
luxury
hotel.
Where
a
lot
of
the
income
is
tied
to
the
food
and
beverage
income,
it
is
common
to
see
higher
expense
ratios,
pushing
the
mid
70
percent
opposed
to
some
of
the
other
Hotel
types
that
we've
previously
previously
discussed
this
year.
We
believe
that
this
is
an
important
component
of
calculating
the
assessment
that
needs
to
be
considered.
J
It's
also
worth
pointing
out
that
the
Dr,
the
Drea,
is
projecting
a
decrease
in
operating
expenses
from
their
strict
expenses
of
27.8
million
down
to
26
million
or
26.1
million.
We
don't
believe
that's
in
that
is
a
supported
adjustment
to
be
made.
We
don't
see
how
the
expenses
are
going
to
go
down
from
reported
29.5
million,
revised
27.7
and
now
using
26
million
to
calculate
the
assessment
or
72
percent
of
egi,
so
our
requested
assessment
is
69.9
million
dollars
and
in
light
of
the
counties
acknowledgment
of
these
expense
categories,
especially
the
audit.
J
We
believe
that
we
were
a
little
bit
high
on
our
expense
ratio,
as
you
can
see
in
column
K.
The
way
that
we
calculated
our
requested
assessment
is
we
agreed
with
the
County's
room
Revenue,
which
we
believe
to
be
fair.
It's
projecting
a
slight
increase
over
what
was,
or
actually
pretty
considerable
increase
over
what
was
achieved
in
2022.
We
felt
that
the
other
income
was
on
the
low
side.
J
This
hotel
did
very
well
with
their
food
and
beverage
income,
as
well
as
other
income,
which
mostly
consists
of
parking,
and
you
know,
cancellation
income.
So
what
we
did
is
we
projected
the
2022
actual
other
income
to
go
forward
into
2023..
These
are
very
close
to
the
pre-coveted
figures.
If
you
look
at
2019,
so
we
don't
believe
that
these
are
going
to
be
going
up
substantially
in
the
future.
We
believe
that
this
is
a
representation
of
you
know
how
the
operating
performance
is
going
to
be
going
forward.
J
Ultimately,
we
come
to
a
revenue
of
37.9
million
roughly
and
we
deduct
a
78
expense
ratio
from
that
amount
and
we
use
a
8.2
percent
cap
rate
based
on
the
rerc
first
tier
Washington,
DC
Hotel
average,
which,
if
we
use
that
cap
rate
and
that
expense
ratio
brings
us
to
deducting
personal
property,
of
course,
brings
us
to
a
value
about
70
million.
J
We
do
feel
that
that
78
was
a
little
bit
on
the
high
side
and
just
for
you
know,
comparison's
sake.
If
we
were
to
use
75.
That
still
brings
us
to
82
million
dollars,
which
is
considerably
lower
than
the
99
million
dollar
assessment,
as
proposed
by
the
county.
J
K
Yes,
ma'am
good
morning
board
members
good
morning
remind
speaking
again
of
the
Ritz
Carlton,
as
the
board
is
very
familiar,
we'll
be
relying
heavily
upon
the
summary
sheet
that
we
look
upon.
K
You
know
the
first
and
foremost
sales
tax
has
not
expense
to
the
owner.
It's
not
income
to
the
owner.
It's
collected
on
behalf
of
the
state
and
or
the
locality.
You
have
retail
sales
tax,
that's
going
to
be
sent
down
to
Richmond
and
you
have
your
Transit
occupancy
tax.
That,
of
course,
goes
to
the
northern
Virginia
localities.
In
this
case
Arlington
County,
it's
not
expense
to
the
owner.
Therefore
it
was
pulled
out
grabbing
the
others.
You
know.
K
Obviously,
we
do
not
believe
that
owner's
expenses
or
the
cost
of
the
appeal
itself
of
hiring
a
property
tax
firm
should
be
included
as
a
building.
Excuse
me,
a
property
expense
as
opposed
to
an
owner's
expense.
Same
thing.
We
talked
about
ground
lease
payments,
amortization
lease
Etc,
so
we
did
pull
those
out
then,
and
we
believe
accurately.
So,
as
essentially
admitted
to
you
know,
a
lot
of
those
should
have
been
pulled
out.
K
So
you
do
see
a
reconstruction
and
I,
which
did
of
course
lead
to
a
lessening
of
the
operating
expenses
that
were
provided
in
the
ime.
K
When
we
look
at
column
e
excuse
me,
column,
I,
we'll
see
that
the
noi
that's
projected
is
within
20
of
what
was
achieved
in
2019's
historically
High
year
again,
when
you
look
at
the
projection
made
by
the
assessment,
where
16
or
14
of
the
2019
years,
so
again
good
bit
below
what
was
achieved
in
2019.
What
we
are
saying
is
that
we
do
fully
believe
based
on
the
year
that
they
provided
to
us
in
2022
that
10
increase
for
2023
is
highly
reasonable.
K
Again,
we've
pounded
on
the
fact
of
of
huge
numbers
of
travel
record
numbers
of
travel
passengers
coming
through
national
airport
in
2022
very
little
reasonably,
that's
not
going
to
continue
on
into
2023
Ritz
Carlton
itself
is
a
name
that
has
that
Panache.
It's
it's
a
highly
luxurious
upper
luxury
as
they
call
it
upper
upper
luxury
establishment
as
they
call
it
the
only
one
of
its
kind
in
the
county.
You
can
see
the
average
daily
rates
that
they're
achieving
even
at
that
level.
K
They're
up
17
percent
year
over
year,
the
revenue
for
available
rooms
up
72
percent
year
over
year
occupancy
is
now
within
10
of
what
they
achieved
in
2019..
We
do
obviously
acknowledge
that
our
projections
on
the
revenue
side
are
low
already
lower
than
what
they
achieved
in
2022
already
I'm
hoping
the
board
will
notepads
again
almost
two
two
and
a
half
percent
lower
than
what
was
achieved
in
2022..
The
argument
is
made
that
why
are
the
operating
expenses
not
matching
up
dollar
for
dollar?
K
We
would
obviously
argue
the
board
has
heard
before
you
make
one
adjustment
one
place.
We
ask
you
to
make
another
another
place,
we're
low
on
the
income.
So
if
we
were
to
make
adjustments
on
the
operating
expense,
we
would
obviously
ask
you
to
keep
in
mind
our
low
projections
made
on
the
revenue
side
again
in
a
year
third
year
of
recovery.
So
we
do
believe
that
the
projections
made
by
the
county
are
actually
low
on
the
income
side.
K
So,
even
if
we
were
to
make
adjustments
on
the
operating
expense,
we
would
definitely
do
the
same
for
revenues
as
we
expect
those
to
continue
their
increase.
Revenues
increase
some
86
percent
last
year
year
over
year
again,
once
you
make
those
adjustments
to
account
for
the
inappropriate
expenses
that
were
included,
nois
still
increased
by
323
percent
again
within
Striking
Distance
of
2019.
We
do
believe
that's
highly
reasonable
that
the
property
will
go
up
11.
This
year
we
looked
at
the
improvements
made
to
the
property
on
their
own
website.
K
They
talk
about
improvements
to
the
conference
areas,
Grand
Ballroom,
Diplomat,
room,
Ambassador,
room,
Plaza
Ballroom,
you
know,
they've
improved
their
restaurants,
the
sanchi,
the
signature,
restaurant
concept,
we've
established
again
more
people
in
the
county,
we've
established
after
levels
of
High
occupy.
Excuse
me:
high
tourism
visits
the
county
in
18
and
19..
We
do
expect
that
fully
to
Rebound
in
2023.
K
That
falls
in
line
with
again
the
reports
from
National
Airport
the
amount
of
gate
passengers
coming
through
there
record
levels.
We
do
believe
that
the
presented
projection
made
by
the
county
is
highly
reasonable.
Given
that
again
the
history
that's
been
provided
where
it
again
within
14
of
where
they
were
in
2019,
so
still
room
for
the
growth
levels.
That
we
believe
will
be
achieved
last
point
I
would
make.
Is
last
year
the
owners
agreed
to
a
value
of
80
million
dollars.
K
The
owner's
agents
now
believe
that
it's
worth
11
million
dollars
less
than
what
they
agreed
to
last
year.
Same
representation
I,
don't
know
how
that's
possible
after
a
year
of
some
six
million
dollars
of
noi
growth
alone.
We
do
believe
that
again
that,
based
on
our
revision
to
include
the
personal
property
tax
that,
in
fact
was
not
reported
to
the
treasurer.
So
we
did
get
that
once
we
were
able
to
get
that
confirmed,
we
did
make
that
adjustment
in
the
revision
column,
which
brought
our
recommended
revision
to
99
million.
A
K
000,
we
do
believe
that
should
be
confirmed
of
the
board.
Thank
you.
E
E
K
So
I
think
we've
talked
about
it
before
towards
the
end
of
the
year.
We
get
a
report
from
the
Commission
of
Revenue,
which
goes
over
tots,
the
transit
occupancy
tax
numbers
they
have,
as
well
as
the
personal
property
business
tangible
and
in
that
report,
as
of
the
date
evaluation,
it
was
not
provided
to
the
county,
the
county,
to
our
department.
So
once
we
confirm
that,
through
the
new
documents
received
in
April,
we
were
able
to
confirm
that
with
the
Commission
of
Revenue
and
they
did
confirm
that
same
amount.
A
K
Yes,
we
offered
a
covenant
and
they
signed
it.
It's
dated
August
10
2022,
signed
by
Ashley
peeper.
Vice
president,
it.
C
Pretty
good,
yes,
I
got
one
Mr
Lawson
Mr
Chief,
just
what
you
say
that
the
questioning
the
tax
break
and
hiring
an
attorney
is
is
to
the
owner
and
not
the
property.
I
didn't
quite
understand
that.
Why,
wouldn't
that
be
an
appropriate
expense.
K
Because
operating
expenses
are
assumed
to
keep
that
income
coming
in
the
income
stream
coming
in,
so
the
next
property
that
doesn't
hire
a
property
tax
consultant
would
still
have
that
same
income
stream
coming
in
but
doesn't
have
that
cost
associated
with
it.
So
not
every
cost
that
comes
to
a
property.
Is
it
necessarily
associated
with
the
operations
it
can
be
associated
with
the
owner.
C
Well,
yeah
I
hear
what
you're
saying
but
I
mean
you
could
have
I,
don't
know
a
action
to
create
a
union,
so
they
hire.
You
know
some
lawyers
to
fight
that
I
I,
think
you're
being
too
restrictive
on
that.
How
much
was
it
just
so
I
know.
K
A
K
Ma'am
so
highlighting
what
was
just
brought
up
again,
the
property
that
has
agreed
to
value-wise
of
80
million
dollars
now
is
projected
to
be
worth
11
million
dollars
less
after
a
year
of
some
323
growth
of
noi.
As
we
stated,
we
believe.
In
fact
you
can
verify
that
our
projections
for
Revenue
are
low.
So,
even
again,
if
our
projections
on
operating
expenses
are
also
approximately
six
percent
low,
we
would
think
those
are
somewhat
of
a
wash.
K
We
do
anticipate
that
again
we're
within
14
of
what
was
achieved
in
2019,
using
the
reconstructed
column
there
within
22
percent
of
what
was
achieved
in
2019.
So
we
do
believe
it's
highly
reasonable
that
the
property
will
increase
by
11
in
2023.
We
do
ask
the
board
to
confirm
that
revised
value
of
99
million
376
000..
Thank
you.
A
Thank
you,
Mr
giannoni.
If
you
take
a
minute
to
wrap
up
sir.
J
Sure,
thank
you.
I
would
just
like
to
note
that
you
know
one
that
the
owner
does
pay
the
sales
tax
it
is.
It
is
a
relevant
operating
expense
for
a
hotel.
I'd
also
like
to
point
out
that
the
2019
noi
was
10
million
dollars
where
even
with
the
county
stripping
out.
All
of
you
know
a
lot
of,
in
our
opinion,
relevant
operating
expenses,
the
nois
7.8
million
dollars,
which
is
still
considerably
below
about
22
below
2019..
J
We
do
admit
we
will
say
that
the
County's
Revenue
projection
is
on
the
low
side.
That's
why
we
projected
an
increase
in
our
approach.
We
do
admit
that
our
expense
ratio
was
on
the
high
side
when
we
submitted
this
and
I
would
like
to
point
out
that
if
we
were
to
use
a
75
mil
I'm,
sorry
75
expense
ratio,
the
indicated
value
would
be
82
million
dollars.
J
We
believe
that
the
county
is
consistently
underestimating
operating
expenses
on
these
hotels
and
we
believe
that
adjustment
needs
to
be
made
to
reflect
the
actual
operating
performance
of
the
property,
even
if
that
does
include
an
increase
to
the
revenue,
which
is
what
we
did
in
our
approach
and
again
so
you
know.
Okay,
thank
you.
A
Okay,
thank
you
both
okay,
it's
just
among
the
board
before
we
start
I
just
addressed
Mr.
You
may
not
have
your
aggressive
answer
that
you
may
not
have
created
this
sheet.
It's
your
case
and
I
would
think
it's
part
of
your
job
to
look
at
it.
If
there's
a
mistake
on
page
one
I
would
think
that
you
would
have
caught
that
initially.
So
you
know
this
says
reset
that
in
2022,
2021
and
2020..
So
that
being
said,
I
mean
just
because
somebody
signed
an
agreement.
A
C
I
agree
with
what
you
just
said:
I
mean
it
could
be
that
subsequent
information
makes
them
realize
they
made
a
mistake.
I'm
not
saying
they
did
I'm
just
saying
right
right
that
in
a
situation
like
these
hotels,
where
they
went,
you
know
negative
2
million
to
one
to
two
million,
and
now
you
know,
eight
million
I
mean.
J
C
G
Sales
tax
does
that
count
is
that
collecting
accounting
income-
something
it's
collected
from
the
per
customer
right,
but
is
it
recorded
in
the
income?
That's
just
what
I
think
you
know
if
they're
dropping
it
out
of
the
expenses
and
it's
like
okay,
we're
bringing
it
in
here,
but
we're
not
allowing
you
to
express
it
out.
I,
don't
think
so.
I
think
that's
what
I
was
trying
to
understand
and.
C
F
G
E
C
G
E
F
Yeah
I
think
I
agree
with
both
sides.
I
think
the
income
is
maybe
low
on
what
the
county
started
with
and
also
the
expansions.
F
C
F
A
C
Do
you
think
of
that
yeah
I?
Look
back
at
the
past.
It's
really
hard
right,
what
an
appropriate
expense
if
I'd
like
it
about
the
Euro
2019,
where
they
made
their
8
million,
it
was
73.7.
So
that's
right,
but
two
different
I
think
that
makes
sense.
G
A
A
Okay,
the
next
case
on
the
agenda:
I,
don't
know
if
we
have
Mr
Warren
here
or
not.
Okay,
it's
on
here;
okay,
this
RPC,
two
zero
zero
one:
two
zero
zero,
two
property
located
at
461,
North,
Thomas,
Street
I,
understand
that
you
have
conceded
to
the
County's
number.
There
wasn't
a
test:
a
15
million
eight
thirty
five
hundred.
A
Since
it's
within
the
10
days,
then
I'll
move
to
ex
well
wait.
Has
anybody
got
any
issue
with
that
I
assume,
not
okay
and
then
I
will
move
to
allow
the
county
to
be
confirmed
at
that
number.
Do
I
have
a
second
second,
a
second
by
Mr
metzkin,
all
in
favor.
A
A
C
C
A
Any
discussion
from
the
board:
okay,
I,
move
to
accept
the
revision
to
the
County's.
Revised
number
do
I
have
a
second
yeah
I'll
shoot
invite
myself
in
a
second
by
Mr
Lawson,
all
in
favor
I
would
not
opposed
that's
the
revised
assessment
of
21
million
to
21
million
three
thirteen
four
hundred
is
confirmed.
Thank
you,
gentlemen.
That
was
a
quick
three
cases
there.
Thank
you.
C
C
A
You're
most
welcome
that
completes
the
agenda,
any
other
business.