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A
A
Excuse
me
there's
a
quorum
with
six
members
present.
There
are
three
cases
on
the
agenda.
The
first
case
is
RPC
1403502g.
B
C
Hi
good
morning
well,
I
know
this
is
the
fourth
time
I've
presented
in
front
of
this
board
as
a
reminder:
I'm
a
principal
at
a
boutique
property
tax,
Consulting
and
valuation
firm
specializing
in
Regional
shopping
malls
throughout
the
United
States
subject:
property
is
Boston
quarter
Mall
approximately
357
000
square
feet
anchored
by
it,
a
Macy's
which
is
unowned
and
not
part
of
this
appeal.
C
If
the
board
could
turn
to
page
65
of
the
Boe
memo
or
page
one
of
our
analysis,
I'd
like
to
start
there,
the
the
subject
property,
the
January
1st
2023
valuation
from
the
assessor
is
90
million.
Sixty
two
thousand
six
hundred
versus
the
2022
board
found
value
of
86
million
seven
hundred
and
forty
four
thousand.
As
indicated
on
the
page,
our
opinion
of
value
and
ownership's
opinion
of
value
is
significantly
less
and
supported
by
a
very
thorough
and
detailed
analysis
within
this
package
and
unfortunately,
the
mall
is
still
only
76
percent
occupied.
C
C
Property
Macy's
does
contribute
a
portion
to
cam
reimbursements
and
also
there's
tenants
listed
there
on
the
page
in
which
they
have
cotenency
Clauses
in
place,
which
will
financially
impact
the
subject
property
further
down
the
page,
the
entertainment
tenant
that
has
emerged
from
bankruptcy
was
previously
paying
an
eight
percent
percentage
rent
in
lieu.
They
have
gone
back
to
a
full
pre-coveted
rent.
However,
we've
provided
documentation
that
this
rent
is
not
indicative
of
a
market
and
at
that
rent
level,
it's
an
18
occupancy
cost
which
is
unsustainable.
C
So
any
investor
valuing
this
as
of
January
1st
2023,
would
most
definitely
discount
that
rent
for
that
major
tenant.
We
move
on
to
the
next
page,
77
or
page
13
of
my
analysis.
This
is
very
highly
publicized.
The
Regal
Cinemas
bankruptcy
again
significant
risk
to
the
income
stream
Associated
to
our
subject:
property
here,
as
the
Regal
represents
just
under
19
of
total
GLA
of
the
mall
and
then
at
the
bottom
of
page
77
of
the
Boe
memo,
the
the
impact
of
the
return
to
office
or
decline
of
really
the
return
to
office.
C
So
the
castle
back
to
work
barometer
that
was
provided
to
the
assessor's
office
for
February
of
2023
still
shows
the
D.C
metro
area
as
below
50
percent
and
I
have
watched
a
few
of
these
hearings
recently
and
I
understand
the
adjacent
office
building
is
36
percent
vacant
with
E-Trade
out
at
the
market,
looking
to
sublease
their
entire
all
their
Suites
there
at
the
at
the
property
at
the
office
building
adjacent.
So
this
is
clearly
having
a
material
impact
on
the
leasing
velocity
at
the
subject:
property,
as
well
as
sales
of
the
tenants
there.
C
C
As
we're
entitled
to
here,
it's
January
1st,
2023
I
understand
it's
an
annual
evaluation
and
in
watching
many
of
these
hearings
you
know
that's
constantly
reinforced
and
I.
Think
the
the
big
issue
here
is
the
assessors
stabilized
noi
of
9.72
million.
Here
I
am
four
years
later.
Four
lean
dates
later
were
nowhere
near
that
and
that's
really
the
huge
Crux
of
this
case.
We
we
provided
significant
information,
answered
I,
believe
16,
very
detailed
questions
to
Lori
on
the
team
and
ownership.
C
C
One
of
our
differences
and
one
of
the
differences
this
year
is
the
assessor
has
increased
the
major
rent
category
about
80
000
square
feet
from
1750
last
year
to
27
this
year.
As
you
can
see,
that
entertainment
tenant
did
just
emerge
from
bankruptcy
and
previously
was
paying
eight
percent,
which
is
really
the
the
occupancy
cost.
C
That's
sustainable
for
that
tenant,
which
was
approximately
7.77
last
year,
and
then
the
non-traditional
retail
tenant
listed
at
the
top
portion
of
that
page.
It's
paying
1382
Plus
6.18
in
tax
contribution.
C
C
Speaking
of
cap,
capitalization
rates,
Green
Street
advisors,
reports
in
independent
capitalization
rates
for
every
Mall
throughout
the
United
States
Green
Street
reports,
Boston
quarter
as
an
11
capitalization
rate,
as
of
January
29th
2023
right
at
our
lean
date,
page
93
of
the
Boe
memo.
This
is
a
Cushman
and
wake
Wakefield
Mall
grading
Matrix,
which
indicates
a
capitalization
rates
from
a
b
to
B,
plus
Mall,
anywhere
from
8.5
to
15
percent,
and
we
concluded,
in
our
opinion,
a
very
conservative,
10.2
percent
capitalization
red.
C
C
Side
is
our
direct
capitalization,
where
we
conclude
at
our
Market
rents,
Market
expenses-
and
you
can
see
our
stabilized
noi-
is
significantly
higher
than
what
they've
actually
been
achieving,
but
is
significantly
less
than
the
assessor's
opinion
of
stabilized
noi
apply
our
capitalization
rate
to
get
to
our
evaluation
and
I
do
request
that
the
board
provide
our
valuation.
As
of
the
January
1st
2023
lean
date,
thank
you.
D
Keyboard
members,
thank
you
Sean
for
being
here
today.
So
first
of
all,
I
wanted
to
refer
you
to
the
summary
page,
which
I
believe
is
on
page
five.
Yes
page
five.
This
is
where
I'm
primarily
going
to
be
speaking
from
so
the
the
the
agent
has
submitted.
First
of
all,
they
have
submitted
income
and
expense
statements
and
I
wanted
to
explain
here
that
for
years
2020
through
2022,
they
have
submitted
income
and
expense
statements
and
they're
re
they're
reporting
actuals.
D
So
what
I
had
to
do
was
to
reconstruct
their
rent
role
and
the
their
income
statements
that
they
did
attach
to
each
INE
I
had
to
reconstruct
those,
and
this
is
what
I'm
going
off
of.
This
is
how
we
came
up
with
our
our
test
column.
D
So,
when
we're
looking
at
the
base,
rent
I
took
into
account
that
they,
they
are
still
having
some
problems
with
abatements
and
deferrals
I,
also
took
into
account
some
of
the
rents
that
are
still
being
paid
in
percentage
of
lieu
of
Base
rent.
However,
a
couple
of
those
tenants
who
are
paying
percentage
rent
in
Lua
base
rent
it's
actually
like
it's
a
they're,
still
paying
a
partial
base
rent,
but
it's
drastically
reduced
and
then
the
rest
is
being
paid
by
the
tenants
based
on
the
tenant's
sales.
D
So
I
took
all
of
that
into
account
when,
in
test
column,
F
I
took
all
of
that
into
account
when
I
came
up
with
the
base
rent
I.
Also,
if
you
note
for
the
percentage
rent
on
the
test
column,
please
note
that
I
used
a
something
less
than
what
they're
reporting.
Okay,
that
percentage
rent.
As
I
said.
D
Some
of
the
tenants
are
paying
both
base
base
and
their
percentage
rent,
and
when
I
looked
at
it,
it
was
basically
equal
to
what
they
should
have
been
paying
if
they
were
paying
their
full
base
rent.
D
So
that
went
into
consideration
on
the
base
rent
on
the
test,
column,
F
and
I
just
did
not
include
that
percentage
rent
in
test
column
F
the
amount
that
you
see
there
is
for
people
or
for
tenants
that
it's
in
their
contract,
where
they're
paying
base
rent
and
anything
they
they
are
paying
their
full
base,
rent
or
anything
over
based
on
their
sales.
Also,
the
other
adjustment
was
the
pass-through,
I
reconstructed,
the
pass-through,
and
we
did
use
our
our
standard
10
stabilized
vacancy.
D
Yes,
the
the
client
is
experiencing
the
the
owners
experiencing
about
I
think
it
was
roughly
24
25
vacancy
right
now
and
that
was
accounted
for
below
as
below
the
line
adjustments
and
with
this
particular
property.
The
reason
why
we
Incorporated
below
the
line
adjustment
is
because
they
are
still
leasing
up
new
space
and
I
did
want
to
point
out.
D
There
was
a
a
shuffle
in
square
footage
and
at
least
a
bull
area
I
discovered
that
in
the
past
on
their
rent
roll,
they
were
reporting
office
space
as
retail,
when,
in
fact,
it's
really
office
space,
it's
about
27,
000
square
feet,
it's
the
second.
The
location
of
it
is
the
second
floor
of
the
origin
apartment
building.
Okay,
so
on
the
first
floor,
is
retail,
which
is
considered
in
this
valuation.
D
The
second
floor
is
new
fresh
new
office
space,
which
is
considered
in
this
valuation,
along
with
the
base,
the
the
core
building,
which
includes
the
the
theater
and
all
the
other
shops
that
are
surrounding
it.
D
D
After
considering
as
you,
if
you'll
see
on
the
comments,
I
put
notes,
one
two
and
three
I
want
to
reiterate
note
three
I
discounted
the
theater
rent
for
deferment.
You
know
deferred
rent
I,
drastically
reduced
their
rent,
okay
for
the
inline
retail
tenants,
I
discounted
their
rent
for
Leighton
covid
related
abatements,
I
discounted
the
percentage,
rent
and
I
also
excluded
a
very
small
termination
fee,
I
excluded
that
from
column
F
and
then
on
top
of
it.
D
I
did
below
the
line
adjustments,
so
I
gave
a
great
deal
of
thought
and
consideration
to
all
the
the
issues
that
this
particular
property
is
having,
and
that
was
the
result
of
column
f.
D
Pentagon
City,
oh
gosh
I,
would
need
to
look
that
up.
I
think
it's
something
less
than
what
we're
using
here.
If
you
can
give
me
a
moment,
okay,.
F
For
the
Department,
no
order
of
preference
and
come
thank
you
for
taking
away
my
first
question
and
I
understand
why
these
these
column,
E2,
C2
and
so
forth
in
column,
E2,
make
sure
I
understand
this.
Under
vacancy
and
collection,
rent
loss,
rent
concession,
there
are
three
numbers,
those
three
add
up
to
the
fourth
number:
five
million
plus
right.
D
Less
so,
once
again,
what
what
we
do
is
I'll
use
a
stabilized
vacancy
rate
of
10
and
I
recognize,
okay,
that
stable
they're
experiencing
something
more
than
the
stabilized
vacancy
rate.
So
I
have
a
couple
of
tools.
If
you
will
that
I
can
use,
and
one
of
them
is
to
reduce
That
Base
rent,
which
I
did-
and
that's
stated
in
note,
number
three
in
the
comments
and
then
the
other
tool
that
I
had
is
below
the
line.
Adjustments,
and
so
that's
how
I
accounted
for
that
excess
vacancy.
F
Okay,
great
so
that
leads
me
to
my
second
question
on
TI's
for
both
columns,
D
and
F.
F
A
D
Well
d:
I
was
estimating
you
know,
we
didn't
have
the
January,
we
didn't
have
the
2022
rent
roll
for
column
D
at
the
time,
but
for
column
F.
We
do
so.
F
D
Yes
and,
and
you
know
we'll
research
Publications
or
you
know
the
co-star,
you
know
to
see
if
anything
is
coming
online
you
know
is,
and
you
know
we
can
always
visit
the
site
too.
So.
F
It
appears
that
they
during
2022,
they
did
well
I,
mean
their
their
vacancy
rate,
went
down
relative
to
its
prior
years.
Pretty
much.
It
surprises
me
again
what
you
intuited,
based
on
the
best
facts
you
could
get.
You
know
in
late
2022,
it's
actually
much
lower
than
that
when
you
got
better
facts
from
their
submission
for
2023.,
so
they're
doing
better
than
I
would
have
guessed.
B
D
On
there,
yes,
it
does,
and
that
is
broken
out
on
page
the
prior
page.
D
Page
four
I
think
it's
on
page
four,
where
I
break
it
out
and
yes,
the
cap
rate
is
9.15
Plus
.045.
Our
camera
system
does
not
like
the
third
digit,
okay,
so
it
it
went
to
9.2.
F
I
I
guess
maybe
you
could
just
check
me
on
this.
They're
vacancy
rate,
based
on
their
INE
for
2023,
showed
a
lower
vacancy
than
you
had
thought,
and
so
your
pass-throughs
in
your
test
column,
went
up
significantly
to
account
for
that
lowered
vacancy
rate.
More
tenants
passing
through
additional
rent,
I
guess
it
just
seems
like
okay
thanks
a
lot.
Yes,.
E
C
Absolutely,
as
you
can
see,
by
the
non-traditional
tenant
that
I
mentioned
earlier,
taking
up
a
significant
portion
of
the
major
space
that
essentially
a
20
gross,
rent
and
I-
think
that's
where
you
know
Lori
and
I,
and
the
team
had
some.
You
know
interesting
discussions
on
this,
but
that's
that's
again.
C
One
of
the
large
disconnects
yes
they've
been
able
to
achieve
some
more
tendency
in
here,
but
unfortunately
at
reduced
rents,
and
that's
that's
where
the
disconnect
and
that's
where
I'm
having
disconnect
is
the
9.7
million
is
just
so
far
from
where
the
property
is
at
76
occupancy.
So
clearly,
there's
you
know
some
big
disconnect
there
and
yes,
the
the
rents
they're
achieving
are
not
pre-coveted
rents.
E
C
C
Yeah
that
that's
the
non-traditional
retailer
I
was
I
was
talking
about.
I
know
this
is
a
very
public
forum.
It's
13,
plus
13
and
change,
plus
six
dollars
towards
tax.
A
F
The
Department
do
you
agree
that
it's
only
76
occupied
this
building
this
project?
Yes,
I,
agree.
Okay,
then
your
numbers
are
based
on
that.
Okay,
great,
thank
you.
D
Sure
so,
as
Mr
venstrom
is
pointing
out,
you
know
there
are
some
non-typical
rents
in
here.
I
referred,
you
I'd,
like
you.
When
you
go
amongst
your
discussion,
you
can
refer
back
to
the
rental
analysis.
I
took
those
lower
rents
into
account.
They
are
factored
in
here.
I
did
an
average
an
analysis
to
determine
what
the
average
rent
is
for
each
one
of
those
brackets:
the
food
court,
the
restaurant,
the
retail,
what's
now
considered
the
office
space
and
is
actually
potentially
rented
okay,
and
that's
for
next
year's
consideration.
D
The
major
tenants,
the
storage,
all
that
was
broken
out
in
the
rent
roll
and
that's
how
I,
developed
and
came
up
with
the
base
rent
for
this
property
and
once
again,
I
reduced
That,
Base,
rent
due
to
deferments,
abatements
and
also
I,
gave
below
the
line.
Adjustments
to
account
for
the
excessive
stabilized
vacancy,
and
so
like
I,
said
test
column
or
F
is
the
test
we're
asking
you
to
go
with
the
original
assessment
of
January
1
at
the
reduced
value
of
well
at
the
modified
value
of
90
million
62
000
600
rounded.
C
Thank
you,
and
you
know,
unfortunately,
I
just
don't
believe
those
rents
are
discounted
enough
and
I
think
it's.
It
proves
itself
in
looking
at
the
the
history,
the
operating
income
and
expense
history
at
the
subject,
property
we're
now
76
occupied
and
nowhere
near
9.7
million
stabilized
noi.
The
the
proposed
I
believe
it's
going
to
be
medical
office.
C
There
is
a
extreme
risk
associated
with
this
income
stream,
and
one
of
the
board
members
did
ask
about
the
pass-through
and
I
do
believe
that
4.5
million
in
the
test
worksheet
includes
a
hundred
percent
of
the
the
pass-through
which
does
include
a
property
tax
reimbursement
component
to
that
so
yet
again,
another
part
of
our
disconnect.
So,
finally,
the
subject
property
is
still
struggling,
there's
still
significant
risk
associated
with
this
property.
As
of
the
January
1st
2023
lean
date,
I
think
we
provided
significant
information
to
you
and
to
the
assessor's
office
to
support
this.
E
Yeah,
let
me
share
my
thoughts.
I
thought
I
think
Lori
did
a
great
job
in
the
you
know,
seeing
the
trees
if
I
can
say
that
the
problem
is
that
this
Forest
used
to
be
one
used
to
be
one
combined
deal
and
they're
going
to
lose
Macy's
very
soon,
because
everybody
is
in
a
state.
They
need
to
go
to
go
for
residential,
and
you
know
I'm
no
expert
at
retail,
but
I.
Don't.
B
E
Know
in
retail
you
want,
you
want
retail
to
feed
off
each
other.
So
you
know.
E
So
desperate
to
fill
this
thing
up
that
they're
releasing
to
a
church
and
church
I,
don't
think
even
has
Services
would
have
those
doors
are
open.
E
Like
this
thing's,
just
really
struggling,
and
so
I
am
what
I've
been
convinced.
I
was
looking
at
Laurie's
assessment,
column
d.
I
I
think
her
figures.
E
E
I
So
I
just
I
thought
the
jump
to
9.7
million
and
then
alive
is
too
much
during
that
last
year
was
under
seven,
the
appellants
got
seven
just
over
seven
projected
for
next
year,
I
figured
we'd,
take
that
and
and
use
the
county
collaborate
Pentagon
City
Mall.
F
G
I
The
way
the
county
uses
it,
so
it's
a
lot
I
think
it's
more
I
wouldn't
want
to
do
that
for
apartments.
I
wouldn't
want
to
do
that,
for
you
know,
hotels,
but
when
we're
just
looking
at
one
Mall.
B
F
I
F
F
F
E
G
G
A
G
G
F
E
H
G
F
E
F
E
G
A
A
J
Okay,
can
everyone
hear
me
all
right?
Yes,
sir
okay,
nice
to
see
everyone
again,
hello
to
Chris
I'd
like
to
direct
the
board's
attention
to
page
59
of
169.,
which,
against
just
kind
of
shows
our
summary
of
facts.
For
this
case
this
is
the
Trove
Apartments
located
at
1201
South,
Ross
Street.
It
is
comprised
of
three
tax
or
rpcs
the
current
assessment
for
2023,
and
we
have
listed
here,
123,
621,
900,
that
and
and
it's
in
the
Assessor's
notes
here
and
I'm
sure
Chris
will
state
this
as
well.
J
That
was
what
was
listed
on
the
website.
So
that
was
a
mistake.
The
worksheet
does
indicate
a
current
assessment
value
of
126,
309
300.
and
the
value
were
requested
from
the
board.
Today
is
114
million
366
700..
J
This
property
was
built
in
2020,
it's
401
total
units.
It
is
a
mid-rise
apartment
in
South
Arlington,
six
stories
sitting
on
8.28
Acres.
The
property
is
located
south
of
Columbia
Pike
near
the.
E
J
Washington
Boulevard
and
I-395
interchange
in
South
Arlington.
It
offers
a
mix
of
Studio
one
two
and
three
bedroom
units
and
on-site
amenities,
such
as
a
business
center,
fitness
center
laundry
facilities,
a
playground
and
roof
Terrace
I'll
now
direct
the
the
for
detention
to
I
believe
page
three,
which
is
the
County's
apartment,
income
and
expense
survey
for
this
building.
J
You'll
see
that
there's
not
a
a
lot
of
historical
data
for
this
property
being
it
was
built
in
2020
an
unfortunate
time
for
it
to
come
online.
It
came
online
right
during
covid
and
subsequently
has
had
problems,
leasing
up
since
that
time,
you'll
see
in
2020
it
had
a
vacancy
of
almost
83
percent
and
34
the
following
year
in
2021
and
after
a
very
aggressive
concession
package
that
was
offered,
they
were
able
to
finally
lease
the
property
up
and
reported
five
percent
vacancy
in
in
2022..
J
J
Again,
it's
a
very
aggressive
package
that
they
offered
to
to
new
tenants
to
finally
get
this
building
that
was
originally
built
in
2020,
leased
up,
you'll,
see
in
column,
D,
the
egi
of
the
county
in
their
original
assessment
of
10
million
two
hundred
and
sixty
five
thousand
nine.
Fifty
eight
is,
is
pretty
closely
aligned
with
the
actual
operations
of
10
million
395
399.
J
and
essentially
not
taking
into
consideration
any
of
those
leasing,
concessions
that
it
took
to
get
the
property
to
market
levels
of
occupancy,
so
they're
using
the
the
six
percent
stabilized
vacancy
the
the
and
then
the
full
potential
gross
income,
not
including
any
of
those
rental
concessions
again
that
it
took
to
to
stay
to
to
get
this
property
up
to
Market
occupancy.
J
In
that,
and
that's
that's
basically,
the
Crux
of
this
case
you'll
see
that
the
the
egis
were
pretty
similar
in
the
original,
the
actual
noi
in
the
original
column,
past
column
B
is
approximately
301
000
higher
than
what
was
actually
reported
in
2022
in
the
test
column,
column
f,
it
actually
increased
to
now
eight
hundred
thousand
dollars
higher
than
what
was
actually
reported
in
2022.
J
So
again
it
what
appears
that
the?
What
we're
asking
for
is
is
the
the
county
to
consider
the
cost
Associated
or
the
the
concessions
that
were
involved
in
again
getting
this
property
to
stabilization
in
column
F.
If
you're
gonna
not
take
the
concessions,
then
then
this
property
is
not
going
to
be
six
percent
vacant
or
stabilized
vacancy
five
percent
vacancy
it's
going
to
be
closer
to
where
it
was
at.
You
know
34
as
it
was
last
year.
So
that's.
J
What
we're
asking
for
is
is
either
consideration
to
the
vacancy
or
the
concessions
that
it
took
to
to
get
this
property
back
up
to
stable,
stabilized
levels
of
occupancy.
As
of
one
one.
J
In
addition
to
that,
and
the
last
thing
I'll
say
is
with
regard
to
the
capitalization
rate,
the
county
is
currently
applying
the
fully
loaded
cap
rate
of
5.4
percent
in
their
analysis,
which
would
calculate
to
a
base
cap
rate
of
just
4.17.
That's
a
1.03
percent
tax
rate
and
a
0.2
percent
for
replacement
reserves
that
are
loaded
into
it
to
get
to
that
5.4
percent
anyway,
I
I
know
the
board
and
I.
J
Remember
the
board
talking
about
this
in
in
some
of
the
the
late
hearings
last
year,
but
inflation
is
at
a
four-year
High.
It
increased
6.4
percent
in
2022.,
the
the
Federal
Reserve
increased
interest
rates,
almost
five
full
percentage
points
from
a
half
percent
on
March,
17th
and
2022
to
4.75,
most
recently
in
January
of
2023,
and
the
County's
cap
rates
are
derived
using
an
in-house
methodology
and
remain
unchanged
for
the
2023
assessment.
J
Even
given
these
these
challenging
these
challenges
that
are
being
experienced
in
the
capital
markets,
currently
the
failure
to
adjust
these
cap
rates-
we
don't
believe,
is
Market
derived
and
as
you'll
see
on
page
61
of
169,
we've
supplied
some
published
cap
rates
from
investor
surveys.
From
rerc,
showing
the
difference
between
the
fourth
quarter
of
2021
and
fourth
quarter
of
2022
for
first
second
tier
properties,
experience
in
an
average
increase
of
30
basis
points
from
2021
to
the
end
of
2022
PWC.
J
Over
the
the
first
quarter
of
2022
and
2023
and
experienced
on
average
and
increase
of
63
basis
points
to
to
cap
rates
for
apartments,
so
in
our
analysis,
we
are
using
a
30
basis.
Point
increase
to
the
cap
rate,
that's
being
applied
by
the
county
at
5.7
percent,
which
we
believe
again
with
given
the
current
state
of
the
of
the
capital
markets
is
more
than
Justified
again.
This
is
a
it's
a
newer
property,
but
it's
not
a
it's
a
property.
That's
in
South
Arlington.
It
doesn't
have
access
to
the
Metro.
J
It's
not
a
high
rise.
It
sits
on
top
of
the
metro
in
that
Boston,
Roslyn
Corridor.
J
So
again,
I
think
the
cap
rate
that's
currently
being
applied
is
not
giving
any
consideration
to
the
to
the
state
of
these
markets,
and
we
hope
the
board
considers
that
as
well.
So
with
that,
that's
that's
all
I'll
have
and
I'll
I'll
give
it
up
to
Chris.
Thank
you
for
your
time.
K
Food,
yes,
ma'am
good
morning
board
members
good
morning,
Mr
Warren,
focusing
primarily
upon
the
summary
sheet,
as
the
counties
want
to
do
we're
looking
at
a
property,
that's
essentially
stabilized
itself
within
three
years
of
opening.
As
you
can
see
in
the
comment
field,
the
property
is
at
97
occupied.
K
The
board
has
heard
this
many
times
before
more
last
year
than
this
year,
as
we
haven't
had
too
many
apartment
cases,
concessions
are
just
that
there's
stop
Gap
they're
used
to
fill
occupancy
and
they
worked.
The
the
property
did
spend
that
money.
They
went
from
five
percent
occupancy
down
to
I'm
sorry,
five
percent
vacancy
down
to
three
percent
vacancy.
K
You
know
they
tend
to
be
a
a
stop
measure.
Gap,
that's
what
we've
seen
historically,
you
can
see,
they
didn't
spend
any
in
2021.
They
did
want
to
continue
their
lease
up.
They
spent
that
money
in
2022.
We
would
anticipate
that
very
little
being
spent
in
this
year
to
continue
to
achieve
that.
97
percent
we've
heard
that
outage
before
once
they're
there
it's
much
easier
to
keep
them
in-house
and
then,
of
course,
you
increase
rents.
K
If
you
look
at
Colony
you'll
see,
they
did
just
that
the
increased
rental
revenues
by
three
percent
overall
revenues
by
six
and
a
half
percent
effective
gross
by
over
63
percent.
K
Again
as
the
board
is
familiar
but
we'll
remind
them.
Our
projections
made
in
column
D
we're
well
ahead
of
what
we
received
regarding
the
year
2022.
Once
we
did
receive
that
information.
K
As
Mr
Warren
noted
we,
we
noted
we
were
over
a
million
dollars
shy
of
what
was
achieved
for
total
revenue,
approximately
130
000
lower
than
what
was
achieved
for
Effective
gross,
and
while
we
were
lower
than
what
was
achieved
as
far
as
the
op-x,
we
did
note
and
as
you've
seen
before,
you
start
to
make
some
of
those
adjustments,
and
you
can
see
that
essentially
you'd
be
confirming
what
we
already
had.
We
tested
the
rent
roll
as
you
can
see
in
the
page.
Let's
see
where
the
revision
is.
K
The
rent
roll
starts
on
page
71
of
111,
that's
from
the
owner,
and
you
can
see
that
when
we
tested
those
on
page
five
of
169,
you
can
actually
see
that
we
depressed
the
rents
that
are
in
place
by
over
two
percent
again,
a
very
modest
increase,
projection
of
0.75
0.75,
so
less
than
one
percent
growth
it's
fourth
year
in
existence
at
97
occupancy
again
the
projection
of
0.8
percent
total
revenue
after
seven
percent
in
2022..
K
We
would
argue
that
we
do
in
fact
account
for
concessions
and
rent
loss.
Because,
again,
if
you
note
that
the
property
is
a
97
occupied,
we're
using
six
percent
vacancy
concessions
take
three
percent
to
account
for
the
vacancy
that
still
leaves
three
percent
to
account
for
rent
loss
and
or
rent
concessions.
That
would
be
more
than
what
was
achieved
at
the
property
in
2020
its
first
year.
They
incurred
two
percent
of
rent
as
a
percentage
of
total
revenue.
K
So
we
do
believe
that,
given
that
they're
93
excuse
me
97
occupy
that
we
are
in
fact
covering
any
other
potential
adjustments
for
rent
loss
and
or
concession
you
can
see
in
our
test.
We
did
grow
the
operating
expense,
an
additional
four
percent
on
top
of
what
was
achieved
last
year
again,
assuming
that
at
97
occupied,
there's,
probably
not
going
to
be
too
much
difference
in
the
operating
expense
year
over
year
and
again,
with
that
very
modest
0.82
Revenue
growth
that
did
call
for
a
increase
to
the
original
assessment.
K
Therefore,
we
do
recommend
the
original
I
would
also
point
out
that
when
you
look
at
last
year's
assessments,
this
called
for
an
increase
of
2.2
percent
year
over
year,
2.2
percent.
The
appellants
are
calling
for
a
negative
7.5
percent,
a
decrease
in
value
again,
the
third
year
in
existence,
97
occupied
well
and
monetized.
K
They
did
you
know
what
most
Property
Owners
would
hope
to
succeed
is
which
is
stabilization
within
three
years
of
opening
and
and
during
covid
at
that,
given
that
we
believe
we
did
account
for
the
concessions
of
the
property,
given
that
we
tested
the
new
information
provided
by
the
owner
post
data
valuation,
given
that
that
information
indicated
a
that,
we
actually
were
under
projecting
what
is
being
currently
achieved
at
the
property.
We
do
believe
that
the
original
value
of.
B
E
Yeah,
a
quick
one
for
the
application.
Chris
made
the
point
that
once
a
kid
it's
in
there,
they
tend
to
say
you
have
to
know
your
turnover
rate.
J
It's
such
a
new
property
I
don't
have
data
on
that
for
for
this
location.
Currently,
my
understanding
is
that
they
are
still
offering
concession
packages,
though
it's
unforeseen
of
how
long
that
will
continue
or
if
that
will
continue,
but
it's
it's
kind
of
been
the
state
of
the
market,
especially
since
covid
is
you
know
when
you
saw
is
in
2020
when
covet
hit,
everyone
kind
of
stayed
indoors.
No,
no
one
really
left
and
that's
why
you
saw
a
huge
vacancy
at
the
property
and
then
in
2021
2022.
J
You
saw
people
starting
to
move
around
from
building
ability,
and
these
these
apartment
buildings
really
be
aggressive
in
their
concession
packages.
So
it's
kind
of
a
been
been
part
of
the
market
here
and
I
think
it's.
We
would
expect
it
to
continue.
F
Chris
down
below
in
every
column,
except
for
a
where
there's
nothing
under
total
operating
expenses,
is
a
small
four
digit
number.
What
is
that
for.
K
This
man
again
most
owners,
dream
stabilizing
the
property
and
then
three
three
years
again,
virtually
the
only
new
mid-rise
annual
high-rise
within
that
suburban
area
of
Columbia
Pike
neighborhood.
You
know
you
can
see
again
the
initial
projections
made
by
the
county
under
projected
income
by
over
a
million
dollars
under
projected
effective
growths
and
while
again,
we've
underproducted
operating
expense.
K
As
you
can
see
in
our
test,
even
when
we
modestly
project
forward
the
progentral
growth,
that's
being
historically
achieved
now,
you
can
see
that
it
still
would
call
for
confirmation
of
our
original,
which
again
is
a
very
modest
2.2
percent
increase
over
last
year,
a
year
of
growth,
noi
growth,
122
percent.
So
we
would
ask
the
board
to
confirm
the
original
126
million
three
hundred
nine
thousand
three
hundred.
Thank
you.
J
Yes
again,
you
know,
as
I've
already
repeated,
this
property
has
been
in
lease
up
aggressive
lease
up
since
2020,
trying
to
get
this
property
leased
up
to
market
levels
of
occupancy.
The
county
has
for
new
properties,
given
deductions
for
lease
up
to
for
some
of
these
newer
properties
noticing
and
and
considering
the
fact
that
they
are
in
lease
up
and
there
are
increased
costs
that
are
associated
with
with
leasing
it
up
initially
after
after
construction.
J
This
property
again
for
for
reasons,
reasons
are
already
noted,
had
just
had
an
extended
lease
up
period
and
we
would
at
least
ask
the
board
that
that
the
the
county
consider
those
lease
up
costs
or
those
concession
costs.
You
know,
even
if
it's
below
the
line
we
took
them
above
the
line,
but
there's
other
jurisdictions.
I
know
like
Alexandria.
J
This
is
a
perfect
example
where,
where
they
would
just
take
the
the
actual
concessions
and
and
deductive
right
below
the
line,
so
again,
I
think
yes,
as
of
the
lean
date,
it
was
it
was
leased
up,
but
we
just
want
the
board
to
consider
the
fact
that
there
were
costs
incurred
or
concessions
given
to
get
this
property
up
to
stabilization.
A
A
E
I'm,
okay,
with
the
26
309.
F
F
F
I,
don't
think
I'm,
not
thinking
about
it,
maybe
is
wrap
up.
The
appellant
did
what
I
was
going
to
say
was
no
operating
expenses
had
to
go
up
from
last
year.
This
year,
you
know,
and
and
and
and
Colony
shows
a
little
bit
higher
than
the
original
assessment.
That
seems
reasonable.
It
can
go
up
a
little
bit
and
I
would
kind
of
like
to
use
that
figure
in
column
A
the
expense
expense
only.
F
Having
said
that
said,
well,
there's
extra
costs
and
leasing
up,
and
we
have
extra
expenses
and
blah
blah
blah,
and
maybe
2022
was
a
a
blip
and
and
the
column
D
expenses
then
might
right
be
on
target.
You
know
by
the
end
of
the
year,
so
you
know
what
is
show
to
code
us
on
I'm
I'm
pleased
with
what
and
you
would
support
what
was
originally
assessed,
and
it's
also
within
the
range
percentage-wise
of
what
we're
seeing
in
Fairly
good
apartment
buildings
around
the
county.
F
I
A
L
A
E
G
I
think
the
expenses
there's
a
minor
adjustment
there,
because
I
think
that
they're,
probably
off
other
than
that
yeah
and
in
in
Canon.
What
you're,
saying
and
I
wrote
that
down
too
earlier
they're
still
going
to
give
some
concessions,
I
need
I'm,
going
for
a
bit,
not
much
yeah
I
mean
they've
accomplished
their
goal.
E
E
Good
during
2022
isn't
that
I
mean
it
didn't
start
off
at
the
low
occupancy?
Isn't
it
didn't
it
achieve
its
low
occupancy
during
the
year
I'm
right
or
wrong.
A
E
A
E
All
right
make
a.
A
E
If
we
confirm
the
assessment
page,
we
confirm
the
County's
assessment
of
126
million
309
300..
E
E
A
L
Thank
you
good
morning,
everybody.
My
name
is
Armand
yannoni
I'm,
a
representative
for
the
owner
of
rhino
LLC.
The
subject
property
today
is
1121
19th,
Street
North,
specifically
the
hotel
portion
of
the
property.
It's
a
31
story,
property
in
Roslyn
and
the
hotel
is
occupying
up
to
the
15th
floor.
While
the
upper
levels
are
luxury
condos,
the
2023
proposed
assessment
is
42
million.
Seven
hundred
and
six
thousand
three
hundred
dollars
and
are
indicated
and
requested
assessment
is
31
million.
L
Four
hundred
and
thirty
six
thousand
dollars
flipping
everybody,
starting
on
page
41
of
the
Boe
memo.
We
just
have
a
couple
notes:
Here
again,
the
subject
properties,
a
full
service,
Hotel
known
as
Le
Meridian
in
Arlington.
It
was
built
in
2007
and
it
features
154
keys.
L
The
big
issue
this
year
is
that
the
assessment
increased
by
63
percent
or
16.4
million
dollars
year
over
year.
We
believe
this
is
excessive
and
definitely
not
supported
by
current
performance.
L
Just
for
reference.
Our
requested
assessment
is,
we
believe,
is
very
reasonable
and
still
represents
a
20
increase
year
over
year,
flipping
to
page
42
of
the
Boe
memo.
This
is
where
we
have
our
income
analysis
and
the
historical
Financial
summarize
off
to
the
right.
As
you
can
see,
in
2022,
which
is
the
third
column,
there
was
a
significant
Improvement
in
performance.
L
L
Shifting
to
the
far
left
column,
the
county
column,
we
would
like
to
point
out.
You
know
a
few
things.
First,
input
that
we're
requesting
adjustment
to
is
the
other
income.
The
county
is
using
other
income
for
food
and
beverage
of
one
point
about
1.8
million
and
then
other
income
or
miscellaneous
income
of
about
700
000..
We
believe
that
this
is
inflated
compared
to
the
actual
2022
figures,
which
were
1.2
million
and
about
460
000
respectively.
L
The
county
is
currently
projecting
roughly
a
50
increase
in
both
of
these
categories
year
over
year,
which
we
don't
believe
is
supported,
and
we
also
think
that
it's
worth
noting
that
you
know
looking
at
the
2021
figures,
which
I
believe
is
what
the
county
was
working
off
of.
You
know
when
deriving
these
figures,
it's
an
even
bigger
difference,
so
we
believe
that
that
is.
You
know
that
really
caught
our
attention
and
we
did
not
believe
it
was
appropriate
to
forecast
such
a
large
increase.
L
L
So,
as
a
result,
our
total
revenue
is
10.9
million
versus
the
counties
11.7.
So
you
know
not
a
huge
difference,
but
definitely
significant
when
you
actually
look
at
the
the
other
income
from
2022..
L
The
second
issue
is
total
expenses
before
reserves.
Currently,
the
county
is
using
64
and
a
half
percent
for
total
expenses,
which
at
face
value,
it
looks
like
that's
coming
from
the
2019
performance
in
2019,
the
actual
expenses
were
64.3
percent,
so
we
feel
that
this
is
very
low,
and
it's
also
worth
noting
that
the
county
guidelines,
which
are
on
the
following
page
warrants
a
68.2
percent
expense
ratio
for
full
service,
hotels
and,
additionally,
the
actual
2022
expense
ratio
was
67
of
egi
before
reserves.
L
So
both
of
these
data
points
you
know,
are
pointing
to
a
much
higher
expense
ratio
than
what
the
county
is
using
a
sixty
four
and
a
half
percent.
We
do
not
believe
that
that
is
a
you
know,
Justified
input
and
we
believe
at
the
very
least,
and
what
we're
using
for
our
requested
assessment
is
67.
We
believe
that
to
be
a
reasonable
ask,
based
on
what
was
what
was
achieved
in
2022.
L
Additionally,
the
next
issue
becomes
reserves.
The
county
originally
was
using
3.1
percent
of
f
of
egi
for
reserves
on
FF
and
E.
This
again
appears
to
be
coming
from
the
2019
column,
as
they
reported
20
3.1
percent
in
2019..
However,
in
2022
they
did
report
3.6.
L
L
It's
also
worth
noting
that
this
was
revised
by
the
county,
I
believe
in
the
recommendation.
They
made
an
update
to
the
reserves
based
on
the
actual
2022
data
and
updated
it
to
3.6
percent.
We
found
this
to
be
kind
of
interesting
because
the
expense
ratio
was
not
also
adjusted
to
reflect
actuals
and
we're
not
quite
sure
why,
but
again
so
that's
where
we
get
our
you
know,
noisgrum.
L
Additionally,
we've
adjusted
the
cap
rate
from
7.35
to
8.2
percent
based
on
the
rerc
Washington
DC,
first
tier
investment
properties,
which
you
could
see
on
page
446
via
the
actual
survey.
For
that,
then,
we
deducted
the
same
personal
property
value
as
the
county,
and
that
brings
us
to
our
requested
assessment
of
31
million
four
hundred
and
thirty
six
thousand
dollars,
which
we
do
feel
to
be
a
reasonable
ask.
Considering
this
is
still
a
20
increase
year
over
year
and
again,
2022
assessment
here
was
26.3
million
dollars
this
year.
L
The
assessment,
the
proposed
assessment,
is
42.7
million
dollars,
which
is
actually
a
hundred
thousand
dollar
per
key
increase.
170
000
a
key
to
277
a
key.
This
is
you
know,
kind
of
Staggering
to
be
frank,
and
especially
considering
the
actual
2022
performance.
We
believe
that
there
needs
to
be
an
adjustment
and
just
for
reference.
If
we
were
to
capitalize
the
2022
noi
at
the
County's
cap
rate,
the
indicated
value
would
be
34.5
million
so
again
still
still
far
below.
L
You
know
what
the
county
is
indicating
in
their
approach
and
again
the
the
guidelines
that
I
referenced
are
on
page
four,
just
to
reference.
The
fact
that
you
know
there's
two
very
strong
data
points
here:
one
the
county,
Zone
Market
inputs
and
then
two
the
actual
performance
from
2022,
which
we
believe
is
the
highest
quality
of
evidence
to
be.
You
know,
that's
being
presented
today,
so
we
believe
that
it's,
you
know
necessary
to
update
that
expense
ratio.
L
We're
not
trying
to
say
that
the
hotels
aren't
improving
we're
acknowledging
that,
in
our
analysis,
for
sure
our
goal
here
is
just
to
represent
the
actual
performance
of
the
property
and
as
well
as
the
County's
Market
data,
that's
been
supplied
to
the
taxpayer
as
best
as
possible,
while
still
capturing
that
you
know
significant
Improvement
in
performance
and
with
that
I
will
turn
it
over
to
Chris.
Thank
you.
K
Ma'am
so
again,
we've
talked
about
these
I
think
more
than
any
of
the
property
types
so
far
this
year,
and
it's
really
just
an
agreement
to
disagree.
We
believe,
based
on
the
2020
year
operating
year,
that
it
actually
shows
exactly
what
we're
pointing
to
in
our
original
assessment,
which
is
return
to
normalcy,
again
rev
par
93
average
daily
rate
up
56
percent
within
essentially
a
dollar.
What
was
achieved
in
its
historic
2019
year,
occupancy
at
76
77
within
seven
or
six
percent
of
what
was
achieved
in
2019.?
K
That's
at
24,
again,
room
revenues
up,
93
percent,
other
food
and
beverage
up
99,
essentially,
100
percent
other
Revenue
up
64
total
revenue
of
93
percent
no
way
up,
224
again
outpacing
what
has
been
done
at
all
other
properties
in
the
county.
As
far
as
the
economic
indicators
averages
and
I
did
myself
a
a
real
disservice
and
and
poorly
explaining
some
of
the
economic
indicators.
And
again
these
are
on
page
21
of
90.,
the
air
transportation
that's
listed.
K
There
is
for
one
month,
the
national
airport
actually
broke
all
of
its
records
as
far
as
destination
points
for
travelers
coming
through
National,
a
27
million
passengers
that
broke
2019's
record.
So
again,
while
you
see
on
page
19,
a
listing
of
2.2
million
passengers
coming
through
again
an
increase
of
400,
some
thousand
that's
one
month,
that's
the
month
of
November,
so
it
only
sort
of
escalates
our
argument
that
all
of
these
people
coming
through
National
are
in
fact
staying
in
the
hotels
around
the
area.
K
Does
it
make
more
sense
that
they're
going
from
National
Airport
past
all
these
airport,
hotels,
to
hotels
in
DC
I
would
argue
not
I?
Think
the
economic
indicators
argue
against
that
when
we're
looking
at
the
value
of
the
property,
we
actually
for
once
agree
with
the
appellant
in
the
sense
that
it
does
seem
like
a
20
increase
year
over
year
is
reasonable,
but
only
when
you
start
with
the
idea
that
last
year's
value
was
extremely
low.
Less
than
50
percent
of
the
value
achieved
in
2019.
K
so
again,
I
think
that
what
that
really
points
to
is
that
the
county
saw
the
downfall
in
Hotel
tourism.
In
2020
2021
we
just
did
the
cap
rates.
As
we
talked
about
50
basis
points
up.
We
made
huge
adjustments
below
the
line
for
the
first
two
years
of
the
pandemic,
we're
well
beyond
that.
Now
there
is
no
more
pandemic,
it's
not
even
being
registered
by
the
federal
government.
There
is
beyond
coveted
fatigue,
there's
no
more
covet
air
travels
up
inflation's
down.
K
We
keep
hearing
inflations
up
as
of
January
1st
I
wish.
We
could
talk
about
this
here,
but
even
as
of
January,
1st
inflation
was
done
four
months
in
a
row,
so
it
was
trending
down
as
a
direct
reflect
of
the
cap
rates
that
we
talk
about
or
I'm
sorry,
the
monetary
fed
moving
up.
That's
the
exact
inverse
relationship
as
they
move
those
interest
rates
up
the
inflation
moves
down.
That
was
what
it
was
designed
to
do
when
we
see
that
people's
savings
rates
expanded
during
covid
and
pandemic.
K
There's
coveted
fatigue
you're
talking
about
people
wanting
to
travel,
we
can
see
that
people
are
in
fact
traveling
in
a
big
way.
Let's
talk
about
Liberian
itself,
it's
an
upper
upscale
brand,
it's
a
associated
with
the
similar
to
a
Ritz-Carlton
type
of
mine.
You
know
European
Flair!
You
can
see
that
it's
achieving
again
206
dollar
average
daily
rate
well
above
most
of
the
competitors
in
the
area
and
again
this
is
a
fairly
isolated
property.
K
This
is
up
in
in
the
Roslyn
area
sort
of
just
adjacent
to
the
bridge,
so
these
are
people
going
out
of
their
way
to
this
property
and
again
they're
doing
it
at
76
occupancy
rate
vastly
achieving
what
was
achieved
in
its
historic
year
of
2019..
K
When
we
look
at
the
adjustments
made
again,
as
noted,
it's
based
on
historical
information,
so
we
heard
last
week,
especially
moving
back
and
forth
between
request
to
use
guidelines
request
to
use
historical,
so,
as
we've
explained,
and
probably
not
the
best
job
of
doing
it,
the
guidelines
are
made
up
of
reportings
from
The
Operators
that
send
us
these
inese.
So
when
we're
looking
at
the
property
itself,
it
tends
to
make
more
sense
to
look
at
the
actual
property
historical
operating
performance,
rather
than
switch
back
to
guidelines.
K
When
we're
looking
at
the
actual
performance,
we
can
see
again
growth
growth,
growth.
You
know
this
disagreement
as
far
as
that.
We're
at
20
2019
levels
we're
not
we're
with
I
believe
eight
percent
or
so
lower
than
what
was
achieved
in
2019.
again,
signifying
the
growth
that
we've
seen
at
224
year
over
year,
noi
growth,
but
not
yet
achieving
2019
levels.
So
again,
we
believe
we've
made
the
argument
successfully
that
there
would
be
a
three-year
recovery
we're
in
the
third
year
we're
still
not
at
2019
levels.
We've
shown
you
the
economic
indicators.
K
We've
talked
about
passenger
levels,
increase
at
historic
levels
through
national
airport.
We
know
these
are
upscale
Brands,
there's
not
much
buy-in
to
the
idea
of
these
portfolio
sales,
but,
as
you
can
note,
in
the
comment
field,
this
property
is
included
with
24
others
sold
for
3.8
billion,
which
gave
an
allocated
sale
price
of
79
million.
Even
if
you
were
to
poo
that
price
and
say
I,
don't
believe
it
look
back
to
the
last
sale
that
was
achieved
at
54
million
still
well
above,
what's
been
achieved
at
the
property
projected
at
the
property.
K
So
in
regards
to
why
we
switch
from
the
3.1
to
3.6
is
a
bill
of
a
house
cleaning
issue
whereby
the
bid
rate
that's
adjusted
to
the
cap
rate.
If
we
were
to
fully
go
out
to
the
thousands
place
and
actually
would
call
for
an
increase,
we
don't
call
for
increases
to
the
original.
So
we
did
in
fact
apply
the
owner
incurred.
Ffe
of
3.6
percent,
which
we
do
as
well
is
typical.
K
L
Sure
yeah,
just
so
just
to
comment,
you
know
there
is
some
compelling
percentage
figures
presented
by
the
county.
I
would
just
like
to
assert.
You
know
the
question
from
what,
as
we
know,
2021
and
2020
were
both
devastating
years
for
the
hospitality
industry,
and
this
property
in
particular
and
I
would
agree
that
the
the
pandemic
is
over
and
I
think
what
we're
seeing
in
2022
is
representative
of
The
New
Normal.
L
You
know
slightly
less
earning
power,
a
lot
higher
operating
expenses
at
these
properties
to
maintain
that
and
that's
why,
especially
the
expense
ratio
in
this
case
we
believe,
should
be
adjusted.
We
do
appreciate
that
the
reserves
were
adjusted
based
on
actuals,
but
again
it's
just
not
clear
to
us
why
the
expense
ratio
is
not
adjusted
as
well
and
I
do
believe
that
there
was
no
no
commentary
on
the
other
income,
which
we
think
is
still
a
significant
issue,
and
that's
all
thank
you.
F
One
is
the
guidelines
for
ffd.
These
are
tweaks.
We
don't
have
I
agree
with
what
Chris
said.
We
look
at
a
long
range
and
if
it's
not
the
same
as
guideline,
then
we'll
go
up
or
down,
but
we
don't
have
a
long
range.
We
got
one
volt.
We
got
one
from
pre-prandemic
and
one
from
last
year,
I'd
really
like
to
go
with
the
guidelines
and
I
had
done
the
math
on
that
I
was
also
looking
at
the
operating
expenses.
F
I
think
they
should
be
tweaked
up
too
a
little
bit
for
all
the
reasons
that
we
talked
about
in
the
last
case
and
I
have
not
done
the
math
on
that.
But
I
think
you
know
65,
for
instance,
65
and
a
half.
B
B
E
That
Labor's
gone
up
and
I
do
know
that
materials
have
gone
up.
So
I
agree
with
you
on
that.
F
Kid
and
we're
also
presuming
that
they're
11.5
growth
in
revenue
revenue
and
whether
it's
called
per
room
night
is
a
healthy
increase,
but
we
ought
to
have
a
healthy
increase
one
for
one,
but
it
ought
to
be
reflected
in
the
operating
expenses.
I
Yeah
I
mean
I
I
I
thought
it
was
a
huge
jump
from
22
to
23,
which
is
a
little
bit
of
a
red
flag
for
me,
and
so
I
I
was
actually
using
the
imbalance
pro
forma
with
the
County's
cap
rate,
with
a
34
million
711
400.,
which
is
still
32
percent,
increase.
E
I
B
B
F
Just
FYI
that
would
that
would
make
the
bottom
line:
41
million
505.
200.,
with
a
different.
F
G
I
I
Yeah,
okay
I'll
make
a
motion
to
really
do
39
435
400.
We
increase
the
ffme
reserves
to
operating
expenses.
A
The
expenses
just
thank
you,
everybody,
a
completion
agenda,
any
other
business.
Let
me
ask
you
a
question.
E
This
is
for
next
week
and,
and
one
of
the
cases
is
Westover
any
I,
don't
know.
Maybe
eight
years
ago
I
did
legal
work
for
the
owners
and
last
year
there
was
a
question.
Should
a
lot
be
part
of
the
economic
unit?
So
I
gave
some
of
the
information
from
my
old
file
to
xenotype
and
so
I
guess
I
wanted
to
ask
Esther
County.
E
My
participation
next
Market
case
because
I'll
spend
a
lot
of
time
on
it
and
if
they
object,
then
I
won't.
E
H
H
Yeah-
and
we
didn't
have
any
issue
in
doing
that
this
year,
so
from
what
I
understand
you
know
up
front
if
there
is
any
objective
objection
following
this
meeting
I'll
send
that
to
Mary
the
chair
chair
herself,
okay,.
B
B
The
the
taxpayers
attorney
does
not
have
any
objection
to
Mr
Lawson
participating
and
in
fact
we
have
reached
out
to
Ms
roskind
about
doing
having
the
county.
Do
an
own
motion
adjustment
to
Prior
years
to
correct
for
the
error.
So
we're
waiting
to
hear
from
that.
I
A
Okay,
we
stand
adjourned
here
at
10,
25,
we'll
reconvene
next
Wednesday,
the
26th
at
9
A.M
great
thanks.
Everybody
thank.