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From YouTube: Board of Equalization Hearing September 13, 2022
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A
B
A
C
A
D
Yes,
thank
you,
madam
purewoman
members
of
the
board
members
of
the
county
good
morning,
1500
Wilson
Boulevard
is
a
261
thousand
square
foot
building
in
Roslyn.
It
is
51
years
old
and
this
is
the
building
I'm
sure
you're,
all
familiar
with.
It
includes
the
Target
in
the
Starbucks
it's
right
at
as
you're
going
up
the
hill
from
Roslyn,
it's
right
where
Wilson
and
Clarendon
split
when
you're
going
up
the
hill.
D
That's
that
black
building
that
sits
Atop,
The
Target,
to
begin
this
property
again
is
51
years
old
and
is
not
competitive
in
today's
market,
as
evidenced
by
the
historical
vacancy
issues
since
at
least
2015.
The
property
has
been
over
50
percent
vacant
in
2015
and
16.
It
was
77
and
76
percent
vacant
respectively.
D
Then,
from
2017
through
2019,
it
was
67
vacant
occupancy
increased
briefly
in
2020,
due
to
a
new
tenant.
Who
then
gave
back
most
of
their
space
at
the
end
of
2021.
vacancy
was
still
53
percent.
As
of
the
data
value,
the
property
was
56
percent
vacant.
This
property
was
a
former
GSA
building.
It's
largely
in
the
condition
that
other
former
GSA
properties
are
after
long-term
leases.
It
is
outdated
and
uncompetitive.
D
Why
has
this
property
struggled
with
high
vacancy
over
the
past
decade?
To
start
it's
in
need
of
some
serious
TLC.
Most
of
the
property
is
in
the
original
condition
from
when
it
was
built
in
1971
51
years
ago.
Only
the
top
three
floors
have
been
upgraded.
Since
then,
amenities
at
the
building
are
absent.
The
building
has
no
fitness
center,
no
Conference
Center,
which
is
practically
unheard
of
for
an
office
building
in
the
RV
corridor.
D
The
restrooms
need
to
be
modernized.
The
property
uses
self-contained
units
for
air
conditioning,
and
these
units
are
at
the
end
of
their
useful
life
and
need
to
be
replaced.
The
HVAC
system
also
needs
to
be
replaced.
The
electrical
system
needs
major
upgrades.
The
garage
needs
major
upgrades
and
maintenance.
D
D
This
is
consistent
with
Virginia
law
in
Arlington
County,
V
Ginsburg,
the
Supreme
Court
of
Virginia
stated
that
if
Market
rents
are
imputed,
the
cost
to
achieve
those
Market
rents
must
also
be
imputed.
This
is
the
situation
we
find
ourselves
in
at
this
property.
Alternatively,
these
costs
could
be
accounted
for
by
increasing
the
tenant
Improvement
allowance.
D
D
83
percent
of
the
In-Place
office
leases
were
signed
pre-pandemic
with
the
majority
of
them
being
five
years
prior
to
the
data
value.
The
market
as
of
January
1
2022,
is
not
the
same
as
it
once
was:
rents
have
decreased
and
concessions
have
increased
the
county,
initially
imputed,
35.50
cents
per
square
foot
to
the
vacant
office
space.
This
is
a
more
realistic
value
to
use,
given
the
state
of
the
building
and
the
historical
vacant
vacancy
issues
that
have
plagued
it
over
the
past
decade.
D
The
assessed
rate
of
42.15
is
also
well
well
above
what
the
county
has
assessed
for
similar
properties
at
1616,
North,
Fort,
Myer
vacant
office
space
was
imputed
at
35
per
square
foot
at
1501
Wilson.
It
was
37
and
in
1515
Wilson
it
was
37.67
as
such.
35.50
is
more
indicative
of
the
market
rate
for
the
vacant
office,
space
of
this
property.
D
Finally,
the
operating
expense
rate
that
the
county
applies
in
the
test
column
decreased
by
nine
percent.
From
the
initial
assessment,
we
need
to
account
for
the
fact
that
the
property
was
56
vacant.
As
of
the
data
value,
we've
imputed
income,
as
if
this
property
was
only
25
percent
vacant.
The
exercise
of
increasing
income
due
to
a
hypothetical
additional
30
percent
of
the
building
being
occupied
must
be
accompanied
by
increasing
the
operating
expenses
that
that
additional
30
percent
tenancy
will
consume.
D
These
are
two
sides
of
the
same
coin.
You
can't
impute
income
as
if
occupied,
without
also
imputing
expenses,
as
if
occupied
we
can
create
an
estimate
of
what
the
increased
operating
expenses
will
be.
If
we
look
to
the
variable
costs
per
occupied
square
foot
in
2021,
we
see
that
utilities
were
2.56
cents
per
occupied
square
foot,
janitorial
was
1.28
cents
per
occupied
square
foot
and
the
management
fee
was
1.38
cents
per
occupied
square
foot.
Increasing
the
variable
expenses
to
account
for
the
increased
occupancy
supports
operating
expenses
at
eleven
dollars.
D
This
is
in
line
with
the
2020-2021
and
2022
initial
assessment
for
this
property,
even
at
11
for
operating
expenses,
this
would
be
low
for
the
sub-market.
Comparable
properties
were
assessed
with
much
higher
operating
expenses.
The
same
properties
that
I
cited
for
the
vacant
office
space
rental
rate
apply
here.
1616
Fort
Myer
had
12
operating
expenses
imputed
on
the
assessment.
D
1501
Wilson
had
twelve
dollars,
fifty
cents
per
square
foot
and
1515
Wilson
had
11.62
in
operating
expenses.
Finally,
this
property
has
been
advertised
per
lease
for
over
10
years
and
still
has
not
reached
stabilized
occupancy.
A
one-year
deduction
for
Lisa
is
simply
not
realistic.
At
this
property
two
years
minimum
should
be
applied
to
the
rent
loss,
absent,
increasing
the
free
rent
allowance.
The
vacant
office
rental
rate
should
be
reduced
to
reflect
the
distressed
state
of
the
property.
D
To
recap,
the
assessment
imputes
the
In-Place
lease
rate
for
vacant
office
income,
which
is
unlikely
to
be
achieved.
Given
today's
market,
the
assessment
understates,
the
operating
expenses
required
to
operate
the
property
as
stabilized
occupancy,
and
the
assessment
does
not
account
for
the
significant
deferred
maintenance
that
will
be
required
to
make
the
property
competitive.
D
B
Yes,
good
morning
for
this
property,
as
Mr
Harmon
pointed
out,
our
main
difference
is
the
the
rates
for
the
vacant
space
and
I'd
like
to
ask
the
board
to
turn
to
the
co-star
report,
that
kind
of
States
all
the
the
square
feet
that
is
vacant
for
the
property.
I
try
to
include
this
with
every
case.
B
For
instance.
In
this
case
we
have
a
few
spec
Suites
on
the
sixth
floor,
Suite
600,
620
640,
and
that
tends
to
rent
for
a
higher
rent
than
the
other
spaces.
B
When
we
look
at
what's
being
offered
in
the
property
on
page
seven
and
page
eight
of
133,
you
see
that
all
the
rents
are
listed
there.
For
instance,
on
the
14th
floor,
14
000
378
square
feet
is
available
for
forty
six
thousand
per
square
foot.
B
We
have
what
appears
to
be
lease
comps
of
August
of
this
year
for
11
766
square
feet
on
the
16th
floor,
for
54
dollars
and
on
the
17th
Floor
9052
square
feet
for
54
as
well.
Keep
in
mind
that
in
our
test
we
used
the
41
of
42.15
same
as
what
we
saw
on
the
leases
in
place,
and
we
feel
that
is
a
a
reasonable
estimate.
B
Given
what
we
see
here
and
that's
listed
here
in
co-star
as
well,
when
we
look
at
the
yearly
assessments,
Mr
Harmon
pointed
out
that
we
did
offer
eleven
dollars
initially
and
in
previous
years
as
well.
But
if
you
look
at
this
property-
and
you
see
what
the
expenses
have
been
provided
in
years-
18
to
21,
we
have
at
seven
dollars
at
best
five
dollars
for
the
most
current
year
2021
and
we're
offering
ten
dollars
in
our
assessment
test.
B
Column
f,
so
we
believe
ten
dollars
is
reasonable,
as
well
I,
don't
think
we
differ
with
the
excess
vacancy
below
the
line.
As
we
all
know,
it's
a
yearly
assessment,
so
we
assess
any
vacancy
any
excess
vacancy
every
year
and
we've
done
so.
Should
this
property
continue
to
have
vacancy
issues.
B
Think
to
have
anything
else
with
that
we're
open
for
questions.
Thank
you.
F
Okay,
two
two
for
the
for
the
Department.
First
one
is
the
rent
out
of
co-star.
Those
are
fairly
current
advertised
rents
and
not
honor
about
January.
1St
2022.
is
that
right.
G
F
F
That
we're
you're
preparing
for
today
right
correct,
okay,
good,
they
probably
haven't
changed,
but
you
know
the
closest
we
can
get
to
the
first
day
of
the
year,
the
better
the
other
question
Mr
Harmon.
You
may
need
to
help
me
on
this.
With
my
question
from
the
Department
Mr
Harmon,
the
appellance
case
was
well.
If
you
put
current
gross
potential
rents,
you
also
got
to
impute
current
I.
Think
it's
Capital
Cost
needs
in
order
to
achieve
those
rents
did
I
praising
you
right.
Mr.
D
F
B
Well,
I
mean
we
if
you
compare
what
they're
reporting
to
what
we're
actually
testing
like
I,
said
that
they're
at
best
seven
dollars
a
square
foot,
we're
at
ten
dollars
a
square
foot
and
then,
along
with
that,
the
asking
grants
compared
to
what
we're
testing
is
a
significant
amount
as
well.
B
F
Last
question
sorry
and
that
quickly
went
out
of
my
mind:
oh,
what
what
about
is
the
percentages
best?
You
know
of
this
spec
Suite
upgraded,
Office,
Space
versus
the
the
balance
of
the
vacancy
vacant
office,
spaces
that
are,
you
know,
30,
40
years
old
and
untouched.
E
And
I
can
address
that
point
great.
As
of
January
1,
there
were
no
spec
spaces
built
out
and
they're
in
the
process
of
hoping
to
deliver
some
spec
spaces.
The
only
space
at
the
building
that
has
been
upgraded
was
the
tenant
and
Jordan
remind
me
of
the
name
of
that
tenant,
but
perfect
at
least
the
top
three
floors
and
then
went
out
of
the
top
two
floors
and
those
top
two
floors
got
new
window
lines
were
completely
gutted
and
redone
the
rest
of
the
space.
D
And
so
the
tenant
block
one
signed
a
lease
at
the
end
of
2020
or
signed
a
lease
in
2019
took
possession
at
the
end
of
2020
of
the
top
three
floors:
15
16
and
17..
At
the
end
of
2021
they
vacated
16
and
17
and
17
was
released
in
July
of
22.
I,
don't
have
information
on
the
coast.
What
co-star
is
reporting,
but
this
July
22
lease
I
do
have,
and
it
is
nowhere
near
the
rate
that
co-star
has
this
lease
for
the
17th.
Floor
has
a
net
effective
rental
rate
of
36.82
cents.
F
E
That's
that's
incorrect,
so
the
spec
Suites
as
of
January
1,
there
were
none.
The
space
that
Jordan
was
just
referencing
is
the
space
that
block
one
vacated.
That
is
a
top
floor
of
the
building
and
was
built
out
very
very
nicely
for
Block
one,
and
that
is
the
space
that
was
released
at
36
dollars
and
something,
but
that
was
before
that
space
was
brand
new
as
of
the
end
of
as
of
the
end
of
2020..
E
So
the
top,
let
me
just
summarize
so.
The
top
three
floors
were
completely
gutted
rebuilt.
The
top
two
got
new
window
lines.
Floor-To-Ceiling
windows
and
those
top
two
floors
were
leased
along
with
the
17
16
15
score
to
block
one
block,
one
vacated,
16
and
17.
After
occupying
it.
For
only
one
year,
the
block
one
space
was
released
to
this
other
tenant
at
36.
What
was
it
right?
Jordan.
E
G
H
E
Almost
all
of
it
is
shell,
the
let
me
just
get
to
it.
E
C
A
Okay,
Mr
Lawson
yeah.
I
This
is
for
the
owner.
When
was
this
property
bought
by
the
current
owner.
E
This
was
a
it's
interesting,
so
Penzance
bought
this
property
when
GSA
left
it
Penzance
turned
it
over
to
A
lender
and
the
note
was
purchased
by
the
current
owner
and
I.
Don't
have
the
consideration.
I
know
it
is
recorded
at
the
assessment.
You
know
how
that
goes.
If
you
buy
a
property
for
less
than
the
assessment
you
get
recorded
at
the
assessed
value
during
that
time
period,
and-
and
that
is
what
the
situation
is.
E
I
did
speak
with
the
attorney
who
handled
the
transaction
on
behalf
of
the
party
that
had
to
take
in
the
property
back
and
was
unable
to
obtain
details,
despite
reaching
out
to
that
person.
B
Yes,
thank
you
for
this
property.
The
most
recent
lease
was
the
block
one
lease
in
2020,
and
we
saw
that
that
least
for
the
amount
shown
on
the
rent,
roll
I
believe
it
was
56.
B
Give
me
one.
Second,
sorry:
it
was
55.93
for
the
16th
and
17th
Floor
that
was
actually
a
20
2020
lease
and
then
on
the
15th
floor,
it's
47.21
with
that
period
ending
or
that
lease
ending
in
2028
co-star
does
show
spec
Suites
on
the
sixth
floor,
600
620
and
640,
as
I
pointed
out
on
page
7
of
133.
B
Even
if
you
were
to
consider
increasing
expenses
beyond
what
the
county
believes
is
reasonable
at
ten
dollars
a
square
foot,
let's
say
the
11
that
the
appellant
is
suggesting
if
you
normalize
that
expense
over
the
five
years,
you're
still
coming
up
with
an
average
of
1.9
million
and
again
the
county
is
giving
2.5
million.
Thank
you
and
we're
also
just
confirming
the
original
assessment
which
had
the
rent
at
35.50
for
the
vacant
space
that
was
in
question
and
the
deductions
below
the
line
as
well.
Thank
you.
D
Wrap
up,
sir,
yes,
thank
you.
So
the
county
mentioned
that
the
operating
expense
rate
is
generous
based
on
2018
and
2019.
I
believe
for
the
year
cited,
keep
in
mind.
The
property
was
67
percent
vacant
in
those
years
when
it
spent
seven
dollars
a
square
foot
we're
assuming
we're
imputing
income
as
if
it's
only
going
to
be
25
vacant.
D
So
if
we
look
back
to
2018
2019
at
67
vacant
we're
assuming
42
percent
more
occupancy
than
was
achieved
at
those
dates
when
they
had
seven
seven
dollars
in
operating
expenses,
eleven
dollars
is
what's
accurate
for
this
property.
It's
what's
in
line
with
neighboring
properties
that
have
been
assessed.
Additionally,
the
substantial
upgrades
and
deferred
maintenance
that
are
mentioned
on
page
59
of
the
appeal
these
need
to
be
taken
into
account
by
any
purchaser.
D
As
of
the
data
value,
these
are
repairs
that
need
to
be
need
to
happen
to
the
garage
there's
environmental
issues,
there's
bathroom
up
modernization
that
needs
to
happen
before
they
can
achieve
any
of
these
rents
imputed.
Thank
you.
E
I
just
like
to
add,
the
devil
is
in
the
details.
Co-Star
shows
planned
spec
Suites,
which
were
scheduled
to
hopefully
deliver
in
August
of
2022
that
Mr
Peralta
referenced
is
being
complete,
so
just
wanted
to
make
sure
that
that
was
clear.
I
also
want
to
point
out,
as
Mr
Harmon
had
previously,
that
GSA
was
in
tenancy
and
GSA
absorbs
a
lot
of
their
own
expenses,
such
as
security
chart
Etc.
So,
okay,
that's
not
really
indicative
of
operating
a
multi-tenanted
building
either.
A
All
right,
thank
you
both
okay,
it's
just
among
the
board.
A
F
Actually,
this
guy's,
not
sleeping
I
I,
did
a
lot
of
work
on
the
test
case,
because
my
first
note
was
when
I
read
this
the
other
day.
The
test
case
was
unusual.
We
came
up
with
a
conclusion
of
an
unusually
high
relative
to
the
original
assessment
assessment
and
I
worked
all
kinds
of
numbers,
I
drove
myself,
crazy
and
then
I
realized
after
listening
to
both
parties.
Here
that
the
original
assessment
column
d
is
actually
quite
good
and
quite
on,
they
could
be
on
the
operating
expenses.
F
They
agree
on
the
value
they
can
offices
and
discussion
yeah.
Maybe
there's
some
spec
Suites
now,
but
that's
all
after
the
data
valuation
just
doesn't
matter.
F
Maybe
one
wonderful
speed
up
in
the
top
guys
is
at
least
for
a
very,
relatively
speaking,
high
amount
of
money
per
per
square
foot,
but
that's
unique
to
the
building
I
own,
this
40
or
plus
dollar
stuff
for
a
building
that
is
tired
and
old,
although
in
a
great
location,
is
just
not
realistic.
So
I
keep
coming
back
again
to
column,
D
I,
like
it
a
lot
and
I
support
it.
C
I
love
I
liked
D2
after
trying
to
compare
some
things
going
back
and
forth,
but
I'm
I'm
open
for
the
ti
number
I
think
you
know
it
was
57
of
it
they
and
50
of
it
available
in
Shell,
commission.
It's
seventy
dollars
is
low.
It
has
a
history
of
vacancy.
That's
just
they're
not
going
to
release
this
stuff
that
that
well.
G
C
C
H
C
A
Okay,
so
just
to
clarify
and
a
couple
things
one
you
have
to
be
recognized
so
that
they
can
determine
who's
talking
on
the
screen.
So
there
was
a
lot
of
discussion
back
and
forth,
so
Mr
panaranda,
just
to
clarify
you
used
column
D,
and
then
you
upped
it.
The
tenant
improvements
to
110
per
square
foot,
yes,
okay,
and
that
was
60
million
354
200.
C
A
A
D
Yes,
thank
you
251
18th
Street.
This
is
just
east
of
Richmond
Highway
in
Crystal
City.
The
issues
on
appeal
are
the
office
and
retail
rental
rates
and
the
pass-through
income.
The
Drea
summary
sheet
is
on
page
four
of
the
appeal
I'd
like
to
start
with
the
In-Place
and
vacant
office.
Rental
rates,
if
you'd
be
so
kind
as
to
direct
your
attention
to
comment,
one
at
the
bottom
of
the
summary
sheet.
You'll
see
that
the
county
States
the
office
leases
average
41.56
per
square
foot.
D
We
agree
with
this
statement
and
you
can
see
that
on
the
County's
rent
roll
on
page
six
of
the
appeal
In-Place
leases
are
at
41.56
per
square
foot.
If
we
take
the
standard
six
percent
concession
rate
that
the
county
applies
to
In-Place
leases
on
other
properties,
we
arrive
at
a
leased
office,
rental
rate
of
thirty
nine
dollars.
Six
cents,
which
you
can
see
is
what
the
taxpayer
has
used
on
the
appellant
pro
form
a
column
in
column
G
on
Row
one.
D
However,
if
we
take
a
look
at
what
the
assessment
imputes
in
the
test
column
F,
we
see
that
the
county
uses
forty
dollars
per
square
foot
for
both
in
place
and
vacant
office.
This
is
not
uniform
with
the
consistent
concessions
methodology
applied
to
other
office
properties
in
the
county,
where
taxpayers
are
afforded
six
percent
concessions
to
the
In-Place
rental
rate.
This
is
a
prime
example
where
the
law
of
uniformity
is
to
be
applied
to
protect
the
taxpayer
from
an
assessment
that
treats
the
taxpayer
differently
to
the
taxpayers
detriment
than
its
neighbors.
D
D
The
Senpai
was
provided
to
the
county,
as
you
can
see
on
page
39
of
the
appeal.
Additionally,
as
we
have
also
provided
evidence
of
in
Prior
hearings,
Market
rental
rates
have
dropped
over
the
past
several
years.
New
leases
are
not
going
to
command
the
same
rates
as
In-Place
leases
as
such
the
vacant
office.
Rental
rate
should
be
below
the
In-Place
rental
rate
next
for
the
retail
rent.
I'd
like
to
again
address
comment,
one
on
the
summary
page
to
start.
D
D
Once
we
add
the
rents
for
the
1020
square
feet
that
were
not
included
on
the
Writ
roll,
this
figure
becomes
38
dollars,
eight
cents
per
square
foot.
If
you
look
to
the
County's
rent
roll
on
page
six,
you
will
see
a
retail
tenant
named
health
and
relaxation.
The
county
requested
information
regarding
this
tenant's
rental
rate,
which
we
provided.
The
initial
2021
INE
rent
role
had
no
rent
listed
the
county
requested.
D
I'd
like
to
point
out
two
facts:
the
retail
space
in
this
area
is,
unlike
any
other
in
the
county.
It
is
mainly
underground.
There
is
no
visibility
from
the
street
or
the
sidewalk.
The
positioning
of
the
retail
is
extremely
poor,
which
is
why
some
of
the
tenants
are
paying
low
rental
rates.
In
fact,
26
percent
of
the
occupied
retail
space
is
paying
low
rental
rates.
This
is
not
some
aberration
that
should
be
excluded.
D
D
Therefore,
we
must
evaluate
the
retail
space
in
its
entirety,
with
an
average
leased
rate
of
38.8
cents
per
square
foot
which,
when
discounted
by
six
percent
for
concessions,
results
in
a
retail
rental
rate
of
35
80
cents
per
square
foot.
This
rate
should
be
discounted
for
the
vacant
retail
to
reflect
the
difficulty
surrounding
the
lease
up
of
the
space,
since
the
county
has
clearly
not
included
all
of
the
lease
retail
space
to
arrive
at
the
income
figures
used
on
the
assessment,
the
rates
imputed
do
not
accurately
portray
the
state
of
the
property.
D
You
know
limited
access,
limited
visibility,
the
counties
removed
the
rents
that
they
believe
are
too
low
to
be
indicative,
but
they've
kept
in
the
ones
that
could
rightly
be
considered
too
high
to
be
indicative
of
the
space.
So
to
summarize,
the
assessment
fails
to
account
for
concessions
on
the
office
rental
rates
and
selectively
chooses
which
retail
leases
to
include.
In
its
analysis,
the
result
is
rental
rates
that
are
not
supported
by
leases
in
place
and
a
value
that
is
above
fair
market.
B
Yes,
thank
you
for
this
property.
We
did
go
through
the
event
roll
for
2021.
We
did
include
those
low
rents
that
miss
Mr
Harmon
had
pointed
out
for
health
and
relaxation
I
noted
that
this
rate,
that
38.79
was
the
2020
rate
that
was
in
the
I
need
that
was
included
as
part
of
the
lease.
B
When
we
looked
at
the
other
leases
in
place,
the
dollar
shop
I
highlighted
the
ones
that
I
saw
that
were
in
kind
of
question
4.51
for
the
space
there,
Atia
Kebab
was
six
dollars
and
nine
cents,
and
then
Alvin
odalame
was
ten
dollars
and
three
cents
I
thought
that
these
were
low
compared
to
what
the
other
retail
spaces
were.
B
As
you
see
on
on
the
rent
roll
analysis,
page
six
of
124,
you
can
see
all
the
retail
spaces
outlined
there
and
exactly
what
they're
receiving
anywhere
from
I
believe
38.25
or
22.80
for
the
cleaners
to
116.82
for
the
Sushi
Garden
and
with
those
low
rents,
we
were
still
at
39.52
for
the
average
of
all
properties,
including
the
highs
and
the
lows,
as
Mr
Harmon
pointed
out,
and
we
still
tested
at
a
lower
average
than
what
there
are
actually
receiving
for
this
property.
B
Our
revision,
our
did
account
for
space
that
was
vacant
for
the
property,
but
I
would
like
to
add
that
the
majority
of
that
space
I
believe
co-star,
and
it's
in
this
packet.
Co-Star
reports
54
405
square
feet
vacant,
but
of
that
fifty
four
thousand,
fifty
two
thousand
four
eighty
nine
is
sublet
space.
B
So
when
looking
at
this
property,
we
did
account
for
15
percent
of
vacancy,
where
the
majority
of
that
space
is
sublet
space,
the
actual
vacancy
for
the
property.
As
of
the
first
of
the
year,
was
he
less
than
15
percent?
We
were
at
about
12,
which
afforded
about
10
855
square
feet
in
excess
vacancy
allowed
before
capitalization.
B
So
when
we
look
at
this
property,
we
also
want
to
focus
in
on
the
historic
noi
of
this
property.
As
you
see
in
2018,
the
noi
was
11
million,
2019
11.5
2020
2020
10
million,
and
then
the
most
recent
year,
9.2
the
county
in
its
revision
column,
is
at
9.1.
So
we
feel
that
you
know
the
the
rents
in
place
the
rents
used
in
the
revision.
The
expenses
used.
B
Expenses
of
11
is
higher
than
well.
It's
not
higher.
It's
similar
to
what
the
the
appellant
is
asking
for
and
again
the
noi
is
lower
than
what
they
reported
in
all
previous
four
years.
So
we
asked
the
board
to
take
that
into
consideration
with
that
we're
open
for
questions.
Thank
you.
A
Okay,
thank
you.
Questions
from
board
members.
F
B
Yeah,
the
average
that
I
have
is
41.56
for
the
leases
in
place,
so
we
are
taking
a
deduction
for
that.
F
Well,
below
40.,
okay,
another
question:
did
you
kind
of
alluded
to
six
percent
concessions
here
it's
about
nine,
which
I'm
sure
is
true,
but
I,
thought
I
and
correct
me
if
I'm
wrong,
Mr
Herman
that
there's
a
did.
You
alluded
that
there's
a
guideline
of
a
six
percent
commission
concessions
because
I've
never
heard
that
before.
Nor
could
I
find
it
in
the
guidelines
where'd
that
six
percent
come
from
I
guess:
that's.
D
F
E
They
are
using
six
percent
and
they
have
said
that
to
use
anything
else
would
create
a
disuniform
assessment.
So
in
this
case,
where
they're
using
less
than
six
percent,
there
are
straying
from
that
very
low
bar
or
very
low
guideline
or
very
low
uniform
concession
amount.
E
I
I
understand,
but
if
you
do
that,
if
you
do
the
math
Mr
matskin,
that's
not
correct.
If
you
do
the
math
and
you
look
at
the
rental
rates
that
Mr
Peralta
States
on
its
page
four
okay
page
six
yeah.
G
E
Takes
94
of
that
amount
you're
at
39.6,
not
the
amount
that
Mr
Pearl
quality
is
using
in
in
the
test
column.
E
You
also
had
GSA
vacate
76
000
square
feet
of
space,
so
I.
Don't
think
that
that's
it's
it's
relevant.
In
the
last
case
we
had.
We
had
income.
That
was
at
three
million
five,
yet
the
county
used,
6
million
I
think
we're
looking
forward
using
the
principle
of
anticipation
in
the
income
approach
to
value.
B
Yes,
thank
you
in
looking
at
the
original
assessment,
where
we
had
this
vacancy
at
five
percent.
I.
Believe
that's
more
accurate,
given
what
we
found
in
co-star,
where
the
majority
of
the
vacant
space
which
we
initially
accounted
for
is
sublet
space.
So
we
believe
that
you
know
in
looking
at
this.
The
revision
should
be
closer
to
what
the
original
assessment
should
be.
We
did
make
the
revision
based
on
that
again,
where
the
property
is
at
12
vacant.
B
We're
affording
15
that's
in
excess
about
almost
11
000
square
feet
for
this
property,
for
what
they're
actually
reporting
and
of
that
there's
more
sublet
Space
versus
you
know:
untenanted
space
and
space
that
they're
not
receiving
rent.
On
with
that,
we
do
see
that
we
did
make
a
revision
and
we'll
stick
with
the
revision
at
127
64
600..
D
Thank
you.
So
a
couple
of
points
here
for
vacancy
we've
heard
the
county
say
that
vacant
space
is
actually
sublet
space
according
to
co-star.
This
becomes
an
issue
of
what
source
do
we
trust?
Do
we
trust
co-star
or
do
we
trust
the
2021
INE
that
was
signed
and
attested
to
by
the
owner
of
this
property?
The
2021
INE
referred
system
space?
Is
vacant,
not
sublet,
not
earning
income?
If
you
look
at
the
incomes
on
that,
the
county
has
listed
on
page
six
of
the
appeal.
This
takes
me
to
my
next
point.
D
D
H
I'll
go
ahead
and
start
I
I
mean
I.
When
I
looked
at
this
I
thought
the
original
assessment
was
fine.
For
me,
you
know
all
the
numbers
where
in
line
the
GPI,
the
egi
nois
slower
than
you
know,
it's
been
historically,
but
you
know
I
know
that
this
Proctor
goes
through
the
numbers
and
goes
back
to
revise
everything
and
he
came
up
with
a
lower
number
to
revise
the
system
by
allowing
the
extra
vacancy.
F
Very,
very
quickly,
I
I'm
sympathetic
to
the
the
defense
case
that
the
vacant
office
space
ought
to
be
valued
less,
but
it's
less
than
a
dollar
a
square
foot.
A
night
appraisal
and
I
thought
that
that
was
too
close
to
call
I
I
agree
with
you
element
that
that
on
1122
it
was
vacant
vacant's
vacant.
H
G
A
D
D
The
prior
tenants
for
the
Dome
were
the
Newseum
which
vacated
in
2002
and
Arlington
County,
which
leased
the
space
for
the
Artisphere
Cultural
Center
for
five
years,
paying
only
operating
expenses
before
they
left
in
2015..
The
issues
on
appeal
are
the
Dome
rental
rate,
the
pass-through
income
and
the
operating
expenses.
D
Next
I
want
to
discuss
the
office
and
retail
rental
rates
listed
on
the
test
column
on
the
summary
page,
what
the
test
column
has
done
is
manipulated.
How
tenants
are
reported
on
page
7
of
the
appeal
you'll
see
the
County's
rent
room,
the
retail
portion
listed
a
tenant,
RGN
Arlington
as
occupying
forty
five
thousand
square
feet
of
space
on
the
6th,
8th
and
9th
floors.
D
This
is
simply
not
correct
when
the
RGN
space
is
added
to
the
In-Place
office
as
it
should
be
and
discounted
by
six
percent
for
concessions.
The
rate
for
In-Place
office
is
41.45,
not
47.64
as
a
test
column
shows
to
clarify
you
can
take
the
County's
retail
rent
in
column.
F,
add
it
to
the
County's
office,
rent
and
you'll,
see
that
what
we
have
reported
as
office
rent,
because
there
is
one
retail
tenant
that
was
reported
as
office
and
we
just
included
his
office.
D
D
You
can
see
that
the
County's
area
for
vacant
office
is
10
700
square
feet
larger
than
the
taxpayers
figure
in
column
G.
This
is
the
Dome
space.
As
I've
previously
stated,
this
Dome
has
been
released
to
the
museum
until
they
left
in
2002
and
later
Arlington
County,
but
has
sat
vacant
since
the
county
vacated
in
2015..
D
The
Dome
has
been
marketed
since
2015,
with
no
leasing
activity.
Yet
the
assessment
includes
the
Dome
as
vacant
office,
space
with
income
imputed
at
41
dollars
per
square
foot.
This
is
clearly
in
excess
of
what
the
Dome,
if
an
inter
interested
tenant
even
exists
could
lease
for
it.
The
Dome
has
been
vacant
for
seven
years.
The
space
is
not
suitable
for
most
users,
yet
the
county
has
imputed
income
as
if
the
space
is
suitable
for
office
use
at
the
office
rate
in
the
current
market.
D
It
is
extremely
ambitious
to
assume
the
Dome
will
lease
up
with
any
tenant,
and
it
is
simply
unbelievable
to
assume
an
office
tenant
will
lease
the
Dome
space
at
the
rate
for
Office
Space.
The
Dome
produces
no
income,
it
is
functionally
and
economically
obsolete.
It
wouldn't
be
built
today
and
if
anything,
it
is
a
cost
burden
and
should
be
demolished.
D
As
such,
the
vacant
office
space
square
footage
listed
on
road
2
of
the
Drea
test
in
column.
F
should
be
reduced
by
the
area
of
the
Dome.
The
new
vacant
office
space
should
total
117
700
square
feet
which
reduces
vacant
office
income
by
four
hundred
thirty
nine
thousand
dollars
in
the
alternative
rent
on
the
Dome
space
should
not
be
imputed
above
what
the
prior
tenant
was
paying,
which
is
the
operating
expenses
alone.
On
the
space.
D
Next
you'll
notice
that
on
Row
three
of
the
test
column,
the
county
has
adopted
the
property's
actual
2021
parking
income,
which
is
generally
the
methodology
that
the
county
applies.
However,
on
rows,
4A
and
6,
the
county
does
not
follow
their
methodology
concerning
pass-through
and
miscellaneous
income.
D
Bae
left
at
the
end
of
2020,
and
there
is
no
reason
to
expect
pass-through
income
to
be
anywhere
close
to
that
high
water
mark,
as
the
assessment
has
assumed.
Next,
we
turn
our
attention
to
the
operating
expenses.
First,
a
quick
note
about
the
per
square
foot
figure
shown
on
the
summary
page.
Here
again,
the
Drea
columns
use
total
nla
Less
storage
space
to
come
up
with
that
operating
expense
per
square
foot
figure.
D
The
other
columns
do
not
deduct
storage,
so
the
per
square
foot
figures
are
not
an
Apples
to
Apples
comparison
on
the
summary
page,
you
can
see
on
Row
18
that
the
county
initially
applied
operating
expenses
at
11.75
cents
per
square
foot,
then
reduced
it
to
10.25
cents
on
the
test.
Column,
1150
in
operating
expenses
is
appropriate
for
this
building,
given
its
age,
location,
vacancy
issues,
historical
operating
expenses
and
the
effects
of
inflation
operating
expenses
over
the
prior
four
years
were
ten
dollars:
40
cents,
9.84
cents,
ten
dollars
fifty
cents
ten
dollars.
D
Even
all
of
this
was
while
the
property
was
not
at
stabilized
occupancy.
Also
keep
in
mind
the
2020
and
2021
rates
were
driven
significantly
lower
due
to
work
from
home
policies
which
limited
in-person
occupancy,
thereby
lowering
consumption
of
utilities
Janitorial
other
variable
expenses
Etc,
as
we
have
stated
on
prior
cases.
If
we
look
at
the
vacant
office
space
on
the
summary
page,
both
the
county
and
the
appellant
are
hypothetically,
assuming
income
not
earned
on
vacant
space.
If
we
gross
up
income,
it
follows
a
hypothetical.
D
D
D
The
assessment's
expense
rate
is
a
simple
average
of
the
prior
two
years,
which
again
we're
stricken
by
high
vacancy
and
load
utilization
growing,
the
prior
two-year
average
to
account
for
stabilized
occupancy.
Greater
utilization
and
inflation
gets
us
to
eleven
dollars,
fifty
cents
per
square
foot.
D
This
is
also
supported
by
assessments
at
comparable
properties
in
the
sub-market
1616
Fort
Myers
was
assessed
at
twelve
dollars
per
square
foot
operating
expenses,
1501
Wilson
had
12.50
1515
Wilson
had
11.62
cents
per
square
foot.
Finally,
the
below
the
line
lease
up
costs
do
not
reflect
the
reality
of
the
property
absorption
in
Arlington.
County
has
been
negative
over
the
prior
two
years.
Assuming
the
property
will
achieve
stabilization
in
one
year
is
ungrounded.
For
reality,
a
minimum
of
two
years
should
be
used
as
the
absorption
period.
D
To
summarize,
the
discrepancy
with
the
income
achievable
by
this
property
is
due
to
the
Dome
space
being
assessed
as
vacant
office
at
the
County's
vacant
office.
Rental
rate.
This
isn't
cleared
from
the
test
column
because
the
county
chose
to
include
forty
five
thousand
square
feet
of
leased
offices,
retail
assessment
also
imputes
operating
expenses
that
are
below
what
both
the
market
and
the
sub
Market
support.
Thank
you.
B
Yes,
thank
you
for
this
property.
B
We
looked
at
the
rent
roll
and
we
did
find
that
I'm,
not
understanding
exactly
what
Mr
Harmon
is
saying
as
far
as
the
the
Dome
space,
because
I
believe
they
included
as
part
of
the
office
as
well,
if
I'm
not
mistaken,
I'm
just
totaling
up
their
square
foot
that
they
imputed
for
office
and
vacant
office,
and
they
include
a
fitness
center
and
other
space
as
well
for
the
revision,
we
did
look
at
the
leases
in
place
and
we
did
find
that
the
average
for
office
leases
or
it's
50.69
cents
per
square
foot
and
the
other
rents
that
we
did
point
out
were
significantly
less
than
what
we
found
in
comparing
the
other
office
spaces.
B
So
we
did
exclude
those
from
the
calculation,
but
we've
done
this
in
the
past
for
other
rent
that
when
comparing
to
the
other
office
space,
we
didn't
feel
it
was
comparable
to
what
they
were
receiving
at
other
spaces.
We
did
use
their
actual
rent.
If
you
look
on
my
page
by
Page,
Six
of
129
you'll
see
that
I
imputed
different
rates
for
those
spaces
combine
the
RGN
and
the
child
Center,
which
is
retail.
B
We
did
impute
that,
at
the
lower
rate
on
page
108
of
129
RGN
at
one
point
was
receiving,
was
paying
49
per
square
foot
I
understand
they
have
some
rent
concessions
of
630
000,
but
the
rent
that
was
being
paid
page
108
of
129
was
49
a
square
foot.
B
A
rosin
Center
that
we
saw
on
page
107
of
129
was
had
a
lease
of
37.31
for
the
space
and
again
for
our
test
or
Vision
column
we're
at
27.95
for
that
those
two
spaces.
So
we
did
account
for
whatever
abatements
or
whatever
reduction
in
rent
for
the
2021
or
rent
roll
and
for
the
2022
assessment
for
the
test
upon
review.
We
did
change
that
that
rental
rate.
B
B
We
did
look
at
the
the
history
of
this
property
and
relied
on
the
history
of
this
property
to
determine
what
the
parking
income
would
be.
We
used
the
parking
overall
in
the
2021
INE.
We
did
use
that
what
they
reported
there
with
pass-throughs.
B
We
look
at
this
property
at
along
with
the
other
properties
in
the
county,
and
you
know
with
pass-throughs
there.
We
have
the
real
estate
taxes
that
are
almost
always
paid
by
the
tenants
and
and
looking
at
this
history
we
did
include
the
the
negative
amount
that
was
reported
in
2021
and
if
you
smooth
the
the
past
four
years
out,
we
come
up
with
the
figure
that
we
used
in
the
Department's
revision
column
F
of
307
000..
We've
done
that
on
previous
cases.
B
We
will
continue
to
do
that
on
cases
going
forward,
because
it
gives
us
a
better
indication
of
what
this
property
can
achieve,
based
on
the
history
of
the
property
when
looking
at
the
expenses
overall,
a
average
consistently
ten
dollars
a
square
foot
year
over
year
and
we're
slightly
higher
at
to
account,
for
you
know
any
excess
and
expenses
that
may
occur.
Given
the
current
situation,
when
looking
at
the
excess
vacancy
below
the
line.
B
Again
in
our
guidelines,
we
pointed
out
the
reports
that
we
received
for
TI's
on
average,
they
were
about
seventy
dollars,
a
square
foot
for
first
generation
and
about
63
dollars
for
second
generation
properties
and
in
our
test,
we're
using
ninety
dollars.
B
A
square
foot
I
think
that
is
one
generous
given
what
we've
seen
in
the
market
and
how
we've
assessed
other
properties
in
the
county
in
this
situation
in
this
property
we're
affording
more
than
what
we
have
given
what
we
saw
with
respect
to
this
property
with
that
I,
don't
have
anything
else
to
say
we're
open
for
questions.
Thank
you.
A
Okay,
thank
you.
Questions
from
board
members,
Mr
Lawson.
I
Yeah,
this
is
for
this
is
for
Jordan.
What's
inside
the
Dome,
when
I
walk
in
there
what's
in
there,
what's
inside.
D
E
That's
correct:
it
has
it's
an
auditorium
and
then
there's
some
space
around
it
like
a
dressing
room,
a
projection
room
in
that
sort
of
thing,
but
there's
very
little.
It's
predominantly
an
off
Auditorium
I
think
they
used
to
be
able
to
do
on.
E
I
forget
what
it's
called,
but
where
you
see
the
stars
above
you,
the
planet,
a
fake
planetarium.
Let.
I
Me
ask
you
a
couple
of
follow-ups:
why
doesn't
the
owner
go
ahead
and
raise
it.
E
You
know
it
would
be
very
expensive
to
raise.
There
was
actually
a
requirement
that
it'd
be
raised
at
some
point
in
time
when
they
were
going
to
free
route,
the
road
there
and
the
cost
of
demoing.
That
space
is
quite
expensive.
E
It
basically
serves
as
a
landmark
and
part
of
Freedom
Plaza,
but
it
is,
it
is
not
income
generating
it's
not
leased
out
independently.
It's
you
know,
I
guess,
there's
a
hope
that
some
other
Museum
or
somebody
else
is
going
to
come
along
and
and
rent
it.
Let.
I
I
B
B
G
E
I
C
E
E
F
B
Well,
we're
using
the
same
amount
of
square
feet
that
the
pellent
is
using.
So
if
the
Dome
is
included
in
there,
the
Dome
is
included
in
mine.
If
it's
not
included,
then
it's
not
included
in
you
know
either
one
my
page
page,
six
of
129
breaks
it
down
as
far
as
what
I
felt,
what
I
see
is
a
vacant
office
and
the
other
two
tenants
on
the
property
for
that
Dome
space.
E
B
G
E
F
So
you
do
it,
you
do
account
for
it.
It's.
B
Not
to
account
for
it
in
the
128
for
409
of
the
vacant
space.
So
when
I,
when
you
add
those
numbers
up
so
the
office
at
143,
859,
again
I'm
referring
to
my
page
six
of
129.,
the
total
amount
of
square
footage
is
336
841,
so
we're
at
the
same
number
so
to
say
that
they
don't
include
it
as
office.
Space
I
think
is
incorrect.
E
E
F
E
Dollars
well
again:
Mr
manskin,
the
forty
seven
dollars
is
incorrect
and
Mr
Peralta.
It
should
be
what
the
taxpayer
has
Mr
Peralta
has
taken
out,
rgm
and
put
it
in
retail.
Rgm
is
Regis
office
and
he
also
discussed
that
Regis
office
used
to
pay
a
certain
rent
or
Regis
office,
went
bankrupt
and
rejected
their
lease.
A
new
lease
was
negotiated
with
the
reform
organization
and
that
rent
represents
market
and
by
Mr
Peralta
tossing
that
rental
rate
out
and
not
including
it
he's
misrepresenting
what
is
actually
at
the
property.
E
So
you
know
it's
a
very
misleading
statement
and
it's
also
misleading
to
include
it
as
retail,
when
in
fact
it
is
office.
Space
and
I
have
to
say
that
this
just
makes
me
wonder
if
the
same
thing
gets
tossed
in
and
tossed
out
when
the
county
is
working
on
its
guidelines,
because
we
see-
and
the
county
has
said
time
and
time
again
through
Mr
Peralta-
that,
if
something's
too
high
or
too
low,
they
don't
include
it.
We're
really
never
too
high.
But
if
it's
too
low,
they
don't
include
it
and
that's
what
happened
here.
B
F
E
G
E
D
F
250.
the
revision
is,
is
pegged
at
about
27
28,
a
square
foot
so
through
the
department.
Do
you
agree
that
that
reaches
space,
which
is
a
sizeable
amount
of
square
footage,
is,
is
covered
under
the
retail
income?
Go
to
Road
three
eight
two,
eight.
B
It's
it's
covered,
it
shows
under
retail.
But
if
you
look
at
my
page
page
six,
if
you
will
it's
using
the
27.95
for
the
rent,
whereas
the
appellant
is
using
forty
dollars
per
square
foot
for
the
rent
of
that
space,
yeah.
E
B
Yes,
thank
you
again
for
the
RGN
space.
We
found
that
there
was
concessions
given
for
this
space
and
on
page
108
of
129,
we
pulled
the
those
specific
tenants
based
on
what
the
rents
were
showing
on
the
rent
roll
with
respect
to
the
other
spaces
in
place.
B
We've
done
this
on
other
cases
as
well,
and
you'll
you'll
see
if
some
cases
go
before
the
board
that
the
appellant
actually
does
the
same
and
in
their
instance,
in
their
average
they're,
including
the
child
Center
as
office
space,
which
was
significantly
less
per
square
foot
than
what
the
other
office
spaces
have
achieved
and
showing
on
the
rent
roll.
The
rosin
Children's
Center
is
at
3731
per
square
foot.
B
So
when
looking
at
this,
we
did
find
a
revision
for
this
property
and
we
asked
the
board
to
con
confirm
the
96
million
793
800..
Thank
you.
A
Okay,
thank
you
and
Mr
Harmon.
If
you
take
a
minute
to
wrap
up
sir,
yes,.
D
Thank
you.
So
you
can
see
on
on
page
five
on
the
summary
page
main
issue:
is
this
Dome
space
being
included
in
column
F
on
the
vacant
office
at
41
dollars
per
square
foot,
their
total
area
for
vacant
office?
The
County's
area
is
128
000..
The
appellance
area
is
117
000..
This
is
to
account
for
the
Dome
not
producing
income,
especially
not
at
the
office
rental
rate.
As
for
operating
expenses,
you
can
see
that
what
the
counties
provided
ten
dollars
ten
dollars
ten
dollars
ten
dollars,
keep
in
mind.
D
This
property
was
not
at
stabilized
occupancy
during
any
of
that
time.
It
was
also
in
limited
usage
in
2020
and
2021
to
assume
that
operating
expenses
at
stabilized
occupancy
and
at
Market
usage
will
only
be
10.25.
That's
not
accurate.
1150
is
more
indicative
of
what
this
property
will
support.
As
for
the
Roslyn
children's
center
that
is
reported
as
office
on
the
INE.
That's
why
we
reported
it
as
office
as
well.
You
can
see
the
net
result
is
a
figure
that
is
saying
the
same
as
we
reported.
Thank
you.
E
It's
like
to
add,
the
county
is
very
interested
in
talking
about
averages
averages
averages
that
the
actual
average
noi
over
the
last
four
years
was
six
million
558
000.
So
you
can
adjust
all
the
columns
and
numbers
you
want
from
expenses,
income
Etc,
but
that
6558
is
eight
hundred
thousand
dollars
lower
than
what
is
in
the
revision.
A
I
I
Yes,
ma'am,
thank
you.
You
know
sometimes
I'm
sitting
at
the
County
Board
waiting
for
my
case
and
this.
The
subject
of
this
Dome
has
come
up
and
the
county
doesn't
know
what
the
heck
to
do
with
it.
They
really
don't
they
like
it.
They
think
it's
neat,
but
you
know
it's
not
making
any
money
for
the
owner
and
the
owner
keeps
it
there.
So
what
I
did
is
I
took
the
square
footage
of
the
Dome
used,
40
bucks,
a
square
foot
and
so
I
lowered
the
income
of
the
test
column
for.
G
I
Revision
column
and
then
I
use
the
110
for
the
for
the
build
up
rather
than
the
90,
because
that's
what
they
used
in
the
assessment
where
I
ended
up
Madam
chairman
was
89
million,
223
thousand
and
so
I'll
throw
that
out
and
see.
If
anyone
agrees
with
my
thinking.
A
Mr
matskin,
please.
F
Came
out
with
a
very,
very
similar
number
for
absolutely
different
reasons,
but
I
thought
the
dome
for
sure
is
not
worth
forty
dollars.
A
square
foot
there's
no
way
in
the
world,
but
I
remembered
it
being
much.
I
mean
it's
in
the
20s
somewhere
and
it's
not
valueless,
but
it's
not
anything
close
to
you
know.
F
Maybe
it's
the
retail
space
of
27,
but
but
I
I
took
some
other
deductions
and
got
the
egi
and
about
ahead
over
a
half
a
million
dollars
less
and
kept
it
out
and
came
out
to
almost
the
same
number,
so
I
I,
don't
know
that
we
should
I
will
add
again.
Give
me
my
bottom
line.
Still
the
same
for
different
reasons:
I
I,
don't
agree,
plusing
up
the
build
out
to
110,
that's
for
cool,
dark
shell.
They
know
we
did
it
in
the
last
case
and
that's
probably
legitimate.
F
90
is
a
goodly
amount
for
a
second
or
third
generation
space
I've
been
in
that
building
many
times.
It's
not
crap
well
have
been
in
the
last
five
years,
but
it's
not
terrible,
but
the
bottom
line
is
the
bottom.
H
No
I'm
I'm,
okay
with
it
I,
was
trying
to
see
making
the
reduction
property.
You
know
going
through
all
the
numbers,
because
you
know
the
allowances
are
going
to
change.
Your
report.
Footage
I'm,
not
really
sure.
If
that's
yeah
I
was
trying
to
do
it,
easy
right,
so
I
understand,
but
I
think
we
take
longer
to
go
through
the
whole
worksheet.
You
know.
H
A
All
right,
Mr
mask
and
where
are
you.
F
F
F
And
again
we
only
know
appellants,
we
don't
know
everybody
else
is
not
appealing,
and
now,
if
it
goes
down
some
more,
it
gets
to
be
20
percent
or
more
discount
from
2021
assessment
and
I'm,
not
sure
that
something
that
dramatic
has
happened
in
this
building.
That's
a
huge
percentage
number
from
one
year
to
another,
with
a
steady
state,
a
weak
building
for
sure
I
mean
they
got
lots
of
space
sitting
idle,
but
as
I'm
thinking
about
it
as
I'm
talking
all
of
a
sudden
I'm,
not
so
comfortable
with
the
number.
G
A
But
you
do
can
look
at,
though,
that
the
original
assessment
that
noi
was
clearly
overstated.
C
I'm
I
went
along
with
that
number,
and
we
do
is,
as
you
point
out
very
often,
we
assess
annually
right
now
that
Dome
is
not
leasable.
It
has
not
been
leasable,
it
has
the
value
of
it
other
than
space
here.
Do
you
think
Eagle
Run
it
at
ten
dollars
a
square
foot
in
the
future?
Yes,
but
right
now
it
is
not
a
there's.
No
generation
of
Revenue.
C
C
A
F
Well,
it's
something
special
I
mean
everybody.
Do
you
get
something
I
mean
plusing
up
the
floor
with
this
Dome
and
what
kind
of
office
space
is
it's
crazy?
In
those
circumstances,
is
it
an
office,
but
it's
only
ten
thousand
plus
square
feet
out
about
you
know
it's
three
percent
of
the
building
or
something
it's
a
33
000
square
feet.
I
Free
okay,
I'll
go
ahead
and
make
a
motion.
We
reduce
the
assessment
to
89
million
two
hundred
and
twenty
three
thousand
based
upon
deletion
of
the
dumb
as
rentable
area
at
forty
dollars.
A
square
foot
and
increasing
the
the
ti
at
110
square
foot
value
based
upon
extraordinary
demo
costs
of
the
dump.
A
A
I
E
F
E
E
E
A
Sure
it's
10
27!
Why
don't
we
take
five
minutes
and
we'll
come
back
and
wrap
up
this
last
case,
then
one
way
or
another
and
I.